The supply of homes for sale this spring is so depleted that one of the nation’s valuation firms predicts that the inventory drought will reduce total home sales this year as shortages drive up prices and buyers fail to find properties they can afford, according to the latest analysis from Pro Teck Valuation’s Home Value Forecast. “The lack of inventory is very real and could have a severe impact on home sales in the months to come,” said Tom O’Grady, CEO of Pro Teck. “Traditionally, a balanced market would have an MRI between six and 10 months. This month, only eight of the metros we track have MRIs over 10, compared to 27 last year and 48 two years ago — illustrating that this lack of inventory is not being driven by traditionally ‘hot’ markets, but is rather a broad-based, national phenomenon.” Home Value Forecast looks at inventory through the lens of months remaining inventory (MRI), which is defined as the current number of active listing…
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