Tight Inventories, Rising Prices Hurt Home Sales
Home resales fell in October as a persistent shortage of properties limited choice for potential buyers and pushed up prices, suggesting some softening in the pace of the housing market recovery after strong gains early this year.
Still, housing remains on solid footing, with sales for the full year on track to be the best in eight years. That should see housing take up some of the slack from a chronically weak manufacturing sector.
The housing market is in decent shape but could be a lot better if people decided they were ready to move and listed their homes.
"The housing market is in decent shape but could be a lot better if people decided they were ready to move and listed their homes," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
