As home sales continue to rise, housing inventories tanked in October, down 9%, the largest decline since May 2018, according to the RE/MAX National Housing Report. Moreover, there is only a 3.1 month supply of housing inventory, which is the lowest in the report’s 11-year history.
RE/MAX Holding CEO Adam Contos said, “Demand remains strong due, in part to low interest- rates, but buyers have limited options because inventory remains such a challenge.”