New data from the Houston Association of Realtors shows the end of an "unrelenting string of positive monthly home sales data." According to the Houston Chronicle, the group "attributed the decline to this area’s lack of housing inventory."
Nancy Sarnoff shares the data from Houston Association of Realtors: "Single-family home sales fell 7.3 percent in May, the first significant decline in three years."
Sarnoff also shares the group's take on the numbers, which is expressed by Chaille Ralph, the chairwoman of the association: "It was just a matter of time before our depleted supply of inventory caught up with us….This is Economics 101: Supply and Demand. Until more homes are listed for sale and new housing is built, it’s a safe bet that there will be further sales declines and more demand for rental properties."
The article also includes evidence of the impact of low supply on housing prices and the rental market.
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