realtor.com

Realtor.com doesn't expect housing affordability to improve due to undersupply in the market for a decade

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Per BIRealtor.com says that it doesn't expect housing affordability to improve. This was explained to be due to borrowing costs and home undersupply.These issues reportedly built up over the past decade, according to Danielle Hale from Realtor.com. The chief economist went on CNBC to discuss his thoughts on the market, and he pointed out how demand was far outstripping the supply.Two important reasons pointed out were high mortgage rates, which have resulted in existing owners avoiding selling their properties, and about a decade of underbuilding. Hale said this can still be traced to the 2008 housing crisis, wherein construction activity fell behind in the aftermath.Hale: "The fact that [home prices] are not down more is surprising some analysts, but when you've got households that are looking for a place to go, and rental vacancies also relatively limited, and rent's still relatively high, it's just hard to find a place to live whether you're trying to rent or buy this year,"Toward the end of April, it was reported that there were two real estate agents for every home on sale. This came as 28 million people still wanted to buy a home within the year.In mid-April, sales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009. See flow at unusualwhales.com/flow.Other News:There are now two real-estate agents for every home for saleSales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009Resources:Business Insider

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