In the headline for this article, Redfin's Alex Starace asks that age old question: Why Can’t I Find a House to Buy in Omaha? Okay, maybe that's something Warren Buffett may have said at some point, but these words have not oft been uttered, at least in recent years. But facts are facts, and this is what Starace reports:
There aren’t enough homes for sale.
It’s a common refrain this spring for homebuyers, who are up against a supply shortage that’s triggered bidding wars and escalating prices. And while the shortage has been well-documented in San Francisco, Seattle, Washington, D.C., and elsewhere, it isn’t limited to the pricey East and West coasts. Middle America is suffering, too.
Of the 10 markets with the biggest drop in inventory last month, five were in the middle of the country. In Omaha, Neb., bidding wars, once rare, now are routine. In Grand Rapids, Mich., the number of homes for sale fell by almost 50 percent last month from a year ago. And in Minneapolis-St. Paul, Minn., the supply of homes is at its lowest in more than a decade.