Austin Texas Real Estate Blog

COVID Side Effect You May Not Have Realized

We’re not just lacking toilet paper in 2020…

COVID-19 has rid academic seniors of graduation, wiped out the nation’s supply of toilet paper, short-staffed medical professionals worldwide, and is setting the stage for an unprecedented cashless society; but, no one is talking about one of the greatest shortages of this chaotic year…HOUSES!

Nationwide housing inventory is at an all-time low of roughly 3 months. What does that mean? At the current sales pace, it would take 3 months to sell all of the homes actively listed right now. Let’s put that into perspective – a healthy housing market is considered to be 6 months of inventory and just a decade ago, in 2010, the national housing market held a booming 10 months of inventory.

Still not convinced we’re in crisis? Nationally, as of June 2020…

  • Total housing inventory declined 26.5 percent year-over-year
  • The number of new listings declined by 19.3...