Accrding to the National Association of Realtors, the inventory of homes across the country that cost $250,000 or less fell 12% between June 2015 and June 2016. Reuters staffer David Randall and Nichola Groom take a look at how low interest rates and other factors are allowing prospective first-time buyers to enter the market only to find a dearth of starter homes.
This is an issue that has been ongoing and affects some markers more even more than the national average:
Over the past four years, the number of entry-level homes for sale – defined as those priced in the lower third of a local market – has fallen by 34 percent, according to a Reuters analysis of data compiled by listings firm Trulia... In Salt Lake City the average number of starter homes on the market has fallen by 83% since 2012, and in San Diego by 71.5%.