The housing market is no different than any other market. It is driven by supply and demand.
So, despite rents continuing to drop and days on market growing, a 21.4% drop in inventory may put the squeeze on renters. With a massive decrease in supply, renters may have to pay more in December to secure a home. That is if landlords are comfortable being patient with their properties. Days on market for single family homes went up another 4 days in November (a 16% increase).
Here is a summary of November and the past 6 months.
- Days on market continue to increase since June, going from 13.4, 16.3, 19.1, 22.0, 24.4, 28.3 days each month, respectively.
- Rents have averaged $2,321, $2,338, $2,288, $2,304, $2206, $2,159 in November.
- Meanwhile, new inventory in June was 388 units (single family and townhomes), July 374, August 399, September 450, October 486, and back down to 382 in November.
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