Local

Zillow housing report: More houses could go on the market and return to pre-pandemic norms, new survey says

There is good news for prospective home buyers.

The housing market is expected to return to pre-pandemic standards in 2019 – at least in terms of inventories, according to Zillow.

According to company data Housing Price Expectations Surveythe stock should return to a monthly average of 1.5 million units or higher in 2024.

This is based on 38% of respondents to the survey of Zillow, the largest group. Others are much more optimistic.

The second largest group believes that supply will return to pre-pandemic levels in 2023.

“Mortgage stocks and interest rates will determine how far and how fast house prices will rise this year and beyond,” said Zillow senior economist Jeff Tucker. “We are seeing new ads return to the market, slowly, as we enter the hottest sales season of the year, but this supply shortage will take a long time to fill.”

Zillow reports that total inventory has fallen from a monthly average of 1.6 million homes in 2018 and 2019 to just over 1 million in 2021.

To read the full Zillow report, Click here.

Copyright © 2022 KABC Television, LLC. All rights reserved.



Zillow housing report: More houses could go on the market and return to pre-pandemic norms, new survey says Source link Zillow housing report: More houses could go on the market and return to pre-pandemic norms, new survey says

Related Articles

Back to top button