Americans refrained from home-buying in August
WICHITA, KS: (wichitaksrealty.news)
Inventories are drying up when it comes to the home-buying real estate market nationwide today. Cities like Wichita and St. Louis are witnessing tremendous growth and population expansion due to their availability in homes and low prices. But, like anything good, the supply is starting to run out, and the lack of inventory put quite the halt on home-buying this past August. With the shrinking inventory, sellers are pushing their prices up higher since they know they have significant control over desperate buyers today.
Housing in Wichita and the rest of the country has been a bright spot amid weak economic growth for much of this year. Sales totals continue to recover from the Great Recession. Buyers increasingly have pristine credit. But the primary weakness in housing has been a lack of properties for sale – a reflection of the lingering damage caused by the irreversible housing bubble that finally burst in 2008.
This past August, sales of homes nationwide slipped 0.9 percent to a seasonably adjusted annual rate of 5.33 million. It was the second straight monthly decline, and developers are scrambling to build homes, apartments, and complex buildings for the unmet demand today. Though they can’t meet it immediately, existing prices will now continue to increase as the inventory dwindles even in the face of new construction.