Housing inventories are likely to tighten in the upcoming year, making it even more challenging for buyers to find a home. That will come as lower mortgage rates are making it enticing to make a move, REALTOR.com reports in its 2020 housing forecast, released today.
The total number of homes available for sale could hit a record low in 2020, REALTOR.com warns, causing economists to predict that the housing market will slow in 2020 as inventories remain very low and economic uncertainty prompts more consumers to hit the pause button. The forecasting that housing inventories could particularly reach historic lows in the entry-level segment. First-time home buyers will continue to struggle with affordability, they say.
Existing home sales could fall 1.8% to 5.23 million in 2020.