First-time homebuyers have had a heck of a time finding homes to buy during the past couple of years — and that’s not about to get any better, according to recent research by Trulia.
In Q4, national housing inventory dropped for the sixth consecutive quarter, declining 9.1 percent from 2015.
But the inventory shortage is disproportionately impacting the starter-home market — the number of available starter homes dropped 12.1 percent over the past year.
Meanwhile, the median purchase price for those homes skyrocketed, making the dream of homeownership out of reach, or at least harder to obtain.
Buyers who are looking for a trade-up home are being hit hard as well. The number of trade-up homes on the market has declined 12.9 percent year-over-year. The share of those homes has dipped an additional 1.2 percent year-over-year to a 24 percent share.
The number of premium homes on the market decreased 5.6 percent from 2015, but the share of those homes increased from 49.9 percent to 51.1 percent in 2016.
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