The simple law of supply and demand supports why buyer demand continues to exceed inventory of homes for sale. The price of any item is configured by the supply of that item, while measuring the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
The latest edition gives us a glimpse on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
Buyer Demand
The map below was created after asking the question: “How would your rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only four states came in with a weak or moderate demand level: North Dakota, Wyoming, Connecticut, and Oklahoma.
Seller Supply
The Index also asked: “How would your rate seller traffic in your area?”
In the map below, you can see the majority of the country has weak Seller Traffic, meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are looking to purchase their dream homes.
Bottom Line
Looking at the maps above, it’s easy to see why prices are appreciating in several areas of the country. Until the supply of homes for sale starts to meet the buyer demand, prices will continue to increase. If you are debating listing your home for sale, meet with a local real estate professional in your area who can help you capitalize on the demand in the market now!
[h/t] KCM
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