The inventory of existing homes has dropped significantly in recent weeks as many home owners de-list their properties due to an uncertain future brought on by a global pandemic. According to new data, the supply of existing homes on the market nationwide dropped by a startling 24% in April, while newly-built inventory fell just 10.5%.
Broken down by property-type, existing condo inventory recorded the largest slide in inventory with new listings falling by nearly 30%. By comparison, newly listed single-family homes dropped by just 9.8%.
As existing inventory keeps falling, however, new construction properties are now occupying a larger piece of the inventory pie, resulting in 1 out of every 5 homes sold in April being new construction. That figure
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