With competition easing, Nicole Bachaud, a Zillow economic data analyst, explained, “This is welcome news for many potential buyers, who should see more options to help their home search. And by August, Zillow reported a fourth-consecutive monthly increase in inventory. As vaccinations became widespread during the spring of 2021, more homeowners felt comfortable listing their properties. The overall lack of supply contributed to sky-high home prices, which reached an annual appreciation of 17.7% in August.īut now, inventory is on the rise again. New construction also slowed under the weight of supply-chain issues, caused by the ongoing pandemic. Coupled with low interest rates, the market was quickly oversaturated with buyers. The ability to work remotely, in turn, spurred a “ Great Reshuffling,” especially to exurb communities. Since the pandemic began in 2020, housing inventory was outpaced by record-high demand. And their insight reveals some hopeful predictions. The panel included economists, researchers, analysts and academics. The Zillow Home Price Expectations Survey, fielded by Pulsenomics, surveyed 111 housing experts throughout the month of August. Expect a stable housing market over the next five years - despite the expiration of COVID-era protections - says a new Zillow report.
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