What housing shortage? U.S. Housing Supply Is Nearly Back to Pre-Pandemic Levels.

There were 1.16 million homes for sale in September.
Up 101% from the 2021 low. Just 5% below pre-pandemic levels.
And the trend is still moving in the direction of more supply.

Let me say this before I get jumped and beaten. There is no single U.S. housing market.
In the Northeast, inventory is still 43% below pre-pandemic levels.
In the South, inventory is now 9% ABOVE pre-pandemic levels.
Texas, Florida and other Sun Belt markets are dealing with a very different supply picture than parts of the Northeast.
So, yeah, housing is regional, very regional.

And that's why the blanket statement that "there aren't enough homes" misses the point.
The problem isn't simply a lack of housing.
It's a mismatch between where the homes are, what they cost, and what buyers can afford.

But more inventory changes the equation.
More choices. Price reductions. Negotiating leverage. Seller concessions.
All signs point to downward pressure on prices. 21% of listings had a price reduction in September, the highest September level since 2018. Some markets are seeing 49%.

For buyers, that's good news.
If you've been sitting on the sidelines waiting for the "right" time to buy, now is the time to start learning how to recognize the right deal.