Real Estate Industry Desperate for more inventory

[William Costello]

Demand has surpassed supply for some time in the real estate market in both the single and multifamily sectors. Even in a city like New York City which has a wide variety of space to live renters are having a tough time finding supply available without paying an arm and a leg. The US Census Bureau's latest data shows the pace of new home sales fell by 16.6% in April form the before at a seasonally adjusted rate of 591,000. Analysts surveyed be Refinitiv anticipated dip of 1.7%. Definitely the pandemic and the working from home shift helped the real estate boom particularly in the sunbelt. Because of the warmer weather, less taxes and freedom to work wherever. This trend has continued in tertiary markets and adjacent markets to bigger metroplexes.