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11Jul

‘Housing emergency’: High demand, low supply driving up prices in seller’s market

By: Candy Woodall, Harrisburg Patriot News

Posted: July 10, 2017

It’s a seller’s market, but not enough homeowners are selling.

The housing inventory has been so low through spring and summer, the National Association of Realtors predicts the country could be heading for a crisis.

“Housing shortages look to intensify and may well turn into a housing emergency if the discrepancy between housing demand and housing supply widens further,” said Lawrence Yun, chief economist for the national association.

His observations are in line with local Realtors who say there are far more buyers than sellers.

That high demand and low supply is driving up prices and creating an extremely competitive market.

Homes priced at $200,000 or less have been selling in a day or two after being listed, Realtors said.

“There’s not as much for us to sell and carry month to month,” said Deborah Goodling, president of the Realtors Association of York and Adams Counties. “Buyers are looking to jump pretty quickly.”

So quickly that some homeowners aren’t selling.

“Sellers are hesitating because they have nowhere to go,” Goodling said. “If their house sells in two days, where are they going?”

Realtors in York and Adams counties usually carry six months of inventory, meaning it typically takes six months from listing to closing a property. That time frame has been cut in half to about three months of inventory – a change that was first observed in February.

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