For five years I have predicted a severe housing shortage at the end of the Great Recession, and now it’s beginning to come true. Buyers are experiencing tremendous frustration over the limited inventory currently on the market, thus forcing prices higher. Americans are feeling better about their jobs and the economy, further pushing prices up. Lawrence Yun, chief economist of The National Association of Realtors said in the November issue of The Realtor Magazine, ”The inventory of existing homes is at its lowest level in seven years, while newly constructed home inventory has hit a 50-year low mark. Falling inventory is causing home prices to shoot up higher and faster than most analysts anticipated. The national median price of transited homes was up 9.5 percent in August.
