LOS ANGELES - If you're looking to buy a home, some real estate experts say the time is ticking for you to snag what deals remain in this "pandemic" housing market.
Zillow's Home Price Expectations Survey reveals inventory should return to a monthly average of 1.5 million units or higher in 2024.
That's based on 38% of respondents to Zillow's survey, the largest group. Zillow reports total inventory has fallen from a monthly average of 1.6 million homes in 2018 and 2019 to just over 1 million in 2021.
The pandemic brought record-breaking price growth alongside rent hikes that made saving for down payments even more difficult, Zillow said. As a result, the share of first-time homebuyers dropped from 45% in 2019 to 37% in 2021, according to the Zillow survey of recent buyers.
Total inventory has fallen from a monthly average of 1.6 million units in 2018 and 2019 to just over 1 million in 2021, and monthly figures in 2022 are lower still.
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