According to MarketWatch, higher prices and tighter inventory are straining the recovering housing market.
Citing numbers from the NAR, MarketWatch reports that sales of existing homes were at a seasonally adjusted annual rate of 5.36 million in October, “that was down 3.4 percent from 5.55 million in September, a level which marked the second-best in eight years.” Inventory remained lean.
Chief Economist of NAR Lawrence Yun described the short supply of homes as “disturbing,” adding that "once we reach the spring buying season we may be faced with an inventory crunch.”
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