Over the last five years, the housing market has been marked by a shortage of homes for sale and ever-rising prices. This dynamic has been especially prevalent in coastal markets like New York, San Francisco, and Los Angeles, which tend to be expensive anyway. Expectations were that this was going to continue, but in 2018, the market started to cool. This past summer—usually a busy season for homebuying—was supposed to be “the most competitive housing market in recorded history,” according to one realtor, with prospective buyers engaging in bidding wars over the few houses that were for sale.
Sign-up for Pro Builder Newsletters
Get all of the latest news and updates.