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There is still a shortage of homes for sale to meet demand. Zillow reports a 29.4% drop in inventory from this time year, and the lowest it has been since 2017.
People still want to move, and it’s a sellers’ market. Home prices are still increasing as a result. Construction of new homes never quite recovered from the 2008 mortgage crisis, so that doesn’t help inventory, and people are more likely to stay in their existing homes for longer these days. The pandemic only worsened the problem with buyers looking for long-term solutions to the homes they are stuck in. So while real estate led the collapse of 2008, it is holding steady in this one.
