BiggerPockets Real Estate Podcast - Housing Inventory Up 24%, Are We Returning to “Normal”?

Housing inventory has shot up over twenty percent year-over-year. So, are our low inventory struggles finally behind us? During the low interest rate days, housing inventory couldn’t keep up with demand. Within days of posting a listing, properties had already gone under contract, and buyers could no longer bid. But now, with higher interest rates, we’re finally starting to see a return to “normal,” but a rate cut could take us back to scarce inventory in an instant. So, is now the time to buy? Mike Simonsen from Altos Research joins us on this BiggerNews episode to give an update on housing inventory. Mike’s team tracks every home for sale in the country every single week and has been doing so for almost two decades. Today, he gives us the most recent data on homes for sale, why inventory is rising, the states that are seeing the most inventory hit the market, and whether or not we can expect to return to pre-pandemic inventory levels. Plus, for those debating waiting it out for lower mortgage rates, Mike shares exactly how rates will affect housing inventory and why waiting could throw you back into the bidding wars once rates drop again. Mike even discusses the data behind price cuts and when you can expect sellers to start accepting lower bids. ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?utm_source=owned_media ~~~~ Expand Your Investing Knowledge With the BiggerPockets Books: https://store.biggerpockets.com/?utm_source=owned_media ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Find Investor-Friendly Lenders: http://biggerpockets.com/findlenders ~~~~ The Housing Market “Signals” That Predict Where We’re Headed w/Mike Simonsen: https://www.biggerpockets.com/blog/on-the-market-98?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ HousingWire CEO: This Inventory Shortage Could Last Decades: https://www.biggerpockets.com/blog/on-the-market-153?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Hear Dave on The “On the Market” Podcast: https://link.chtbl.com/OTM ~~~~ Watch Dave on the “On The Market” YouTube Channel: https://www.youtube.com/channel/UCxDXuLvtjJ9Est8PrG3i2VA ~~~~ Connect with Mike: Altos Research: https://altosresearch.com/ LinkedIn: https://www.linkedin.com/in/simonsen/ X/Twitter: @mikesimonsen or https://twitter.com/mikesimonsen ~~~~ Connect with Dave: BiggerPockets: https://www.biggerpockets.com/users/davem27?utm_source=youtube&utm_medium=description&utm_campaign=none Instagram: @thedatadeli or https://www.instagram.com/thedatadeli/ @biggerpockets or https://www.instagram.com/biggerpockets/ Show notes at: https://link.chtbl.com/BPRE 00:00 Intro 01:34 Housing Inventory Update 07:54 Good News for Buyers? 18:26 What Happens if Rates Fall? 27:16 Long-Term Inventory Outlook 31:06 Keep an Eye On Inventory!