Despite it’s bounce back from the recession, the housing market has a new issue: It can’t keep up with the demand of potential home buyers. Nearly half (47%) of homes on the market today sold in less than a month, according to the National Association of Relators. But with that kind of demand, there’s just not enough homes on the market to keep up. “It’s an inventory issue that is really holding the market back,” says Charlie Young, CEO of Coldwell Banker, in an interview with Fortune live host Leigh Gallagher. And that demand is expected to only increase, according to Young, as more first time home buyers are starting to come back into the market (before, the post recession housing market was fueled by luxury home sales, but that sector of the market is becoming more normalized, he says).
- Summer Brings Best Housing Market In Decade
- Student housing is a hot product for investors