Inventory levels down but bound to rise, expert says

Homes listed as for sale should become more numerous relatively soon, Zillow's chief economist says.While property?inventory has?been in low territory for awhile, housing experts are confident that the number of houses listed as for sale will make a comeback in the not-too-distant future.According to real estate property listing website Zillow, the number of homes up for sale in February fell nearly 17 percent in the month when contrasted with the same period last year. There were only five metro areas of the 99 largest areas tracked by the website where inventory levels?increased, led by El Paso, Texas, and Albuquerque, New Mexico.However, Stan Humphries, chief economist for Zillow, noted that this supply is bound to increase.”Over the past year, inventory tightness has contributed to increases in home values in many markets,” said Humphries. “As home values rise, some homeowners will be freed from negative equity and able to list their homes, which will contribute to an easing of the inventory crunch.”The Houston real estate market is one of the areas in which home values have tracked northward. This shouldn't affect affordability, though. Raj Dosaj, vice president of the behavioral library and home price index at LPS Applied Analytics, recently said as much during a webinar hosted by HousingWire.
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