If consumer confidence is a good guide, there may soon be more inventory of houses for sale on the market, after two years of steadily declining listings of existing homes.
According to National Association of Realtors® quarterly Housing Opportunities and Market Experience (HOME) survey, 71 percent of homeowners think now is a good time to sell, up from 61 percent just a year ago. On the other side of the equation, renters are feeling less inclined to buy as economic optimism wanes. Fifty-two percent of renters think now is a good time to buy, which is down from a year ago (62 percent).
“Perhaps this notable uptick in seller confidence will translate to more added inventory later this year,” said NAR chief economist Lawrence Yun. “Low housing turnover is one of the roots of the ongoing supply and affordability problems plaguing many markets.”