Prospective homebuyers and mortgage professionals may be finding that they just can't seem to find a home to purchase. One of the big issues happens to be that there just aren't enough homes on the market to keep up with the growing demand.
"A new report from Zillow shows that for-sale inventory continued to fall in September after a mild recovery earlier this year," according to a Housing Wire report.
"According to the Zillow report, there were 102,112 fewer homes on the market in the U.S. in September than there were last year during the same month, a 6.4% drop."
The report also revealed that first-time homebuyers are feeling most of the pressure when it comes to finding a home. Bottom tier homes, often the target for first-time and low-income homebuyers saw inventory dip 10.3% annually in September 2019.
"One constraint on the completion of new housing units is the availability of construction labor. However, this constraint may be easing as residential construction jobs increased 4.1 percent between September 2018 and September 2019," said First American Chief Economist Mark Fleming, according to the report.
To learn more about the drop in housing inventory in September 2019, click on the image above.