Which price range of homes have been hit the hardest with reduced inventory levels?
Scott P. Rogers
As shown above -- all price ranges have not been affected in the same way with inventory changes over the past two years.
The most affordable price range (under $200K) has been the hardest hit -- with a 35% decline in the number of homes for sale. Part of this is an inventory issue (homes not being on the market) but part of it is also an appreciation issue. Homes have increased in value over the past two years, pushing some under $200K homes up into the $200K-$300K price range.
We are also seeing declines in the $200K-$300K price range (-20%) and the $300K-$400K price range (-16%). In fact, the only segment of the market where we have seen an increase in the number of homes for sale is in the $400K+ market.
In 2017, I believe that the under $200K buyers will have the most challenging time finding a home that works well for them.
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