Buying and find house tips

Housing inventory shortages already plagued 2016, and given that houses don’t crop up overnight, it’s not likely 2017 will be much better, as a new report from Pro Teck shows exactly how dry the housing market is.

To get a pulse of the market, Pro Teck tracks the Months of Remaining Inventory in communities it follows. Months of Remaining Inventory is defined as the current number of active listings divided by the monthly sales rate, combining both supply and demand into one number.

As an added note, a balanced market would have an MRI of around 6 months.

However, looking at the chart, communities with an MRI under 3 have jumped from 12.7% to 20.63% in a year, marking a 62.44% increase.

And on top of this, in December, 2014, this number was 9.17% — meaning there’s been a 125% increase in communities with a dramatic shortage of homes for sale in a two-year period.

Allen agreed that while the high home prices might be beginning to price first-time homebuyers out of the market, Dallas is still seeing a healthy expansion.

“Builders are going to start countering by building some more first-time homebuyer, maybe something at a lower price point, which’ll balance that equation out,” he said.

In fact, the entire state is seeing expansion with new highs in its housing market. San Antonio, Texas saw a record-setting year for its housing market in 2016.

“Between the economy and the state laws, it’s been very good for the housing market,” Allen said. “The Dallas market is just blowing up in general.”

“The relocation and number of people moving from across the united states, either to join a company or even relocate their entire company, has just been phenomenal,” he said.