Home inventory is the silent force shaping the real estate market in 2024. After months of scarce listings and frustrated buyers, a sliver of hope appeared this summer. The National Association of Realtors (NAR) reported a 0.8% uptick in available homes for sale in July, a small but significant step toward easing the housing crunch.
But there’s a twist. As mortgage rates drop, demand is expected to rise, potentially shrinking that precious inventory once again. Picture a delicate balancing act—just as buyers gain more options, those options might vanish if the market heats up too quickly. This push and pull between supply and demand is playing out in real-time, especially in fast-paced urban areas like Miami and Austin.
So, what does this mean for you? If you’re a buyer, now might be your best window to find the perfect home. And if you’re a seller, this could be your moment to capitalize on eager buyers. Either way, the inventory puzzle remains far from solved, and the next few months could bring even more surprises.
Key Takeaway: As inventory slightly improves, falling mortgage rates could once again tighten supply, creating a fleeting window of opportunity for both buyers and sellers.
