Housing Inventory Shortage Limiting Sales
Washington, DC, July 11, 2023-Amid a significant shortage of housing supply in 2022, 32% of Realtors named a lack of inventory as the most important factor limiting potential clients from making a purchase, according to the National Association of Realtors' 2023 Member Profile.
This annual report analyzes members' business activity and demographics from the prior year. Housing inventory fell to the lowest level recorded since 1999 as home buyers entered the market at a frenzied pace to lock in historically-low interest rates.
"The report's findings clearly show that the lack of housing inventory is impacting Realtors' ability to find buyers a home," said Jessica Lautz, NAR deputy chief economist and vice president of research. "Housing inventory and affordability continue to be the top obstacles that hold back potential clients in the housing market."