For people in the market for a home who are having a hard time finding something to buy, housing experts have some good news: More inventory is on the horizon.
Among the more than 100 economists and housing experts polled by Zillow, 69% expect inventory to start growing in the second half of 2021 or the first half of 2022 thanks to vaccines becoming more widely distributed, according to a survey released Wednesday. The experts polled expect the increased supply to help rein in home prices that have risen by double-digit percentages over the last year amid the pandemic’s counterintuitive residential real estate boom, although price growth will continue to be elevated for a while.
The news may come as a relief to prospective homebuyers who’ve seen the houses they’re interested in snatched off the marketplace. There are a record-low number of homes for sale these days, and the homes that do get put on the market are selling faster than ever before.
“As the pandemic subsides and the economy begins to recover, lowered health risks and renewed homeowner financial confidence should bring more sellers to the market,” said Zillow economist Arpita Chakravorty in a statement. “That increased inventory would ease buyer competition that has driven prices higher during the pandemic, but expect a steady pace of home value growth to persist into the near future.”