One of the key characteristics of the US housing market in 2014 has been limited supply of inventory. That lack of supply is placing upward pressure on housing prices as demand persists.
Long time RAC member, appraiser and current Secretary/Treasurer Gregg Mitchell, SRA of Mitchell & Associates of Omaha was recently quoted in The Omaha World Herald describing the events that brought us to this condition:
Mitchell described the last two years as an exceptional rebound period where record low interest rates and pent-up demand spurred sales. The spurt peaked last spring and was followed by unsettling national events such as the federal government’s partial shutdown and a rocky rollout of Obamacare. With winter now past and interest rates still low, Mitchell said, activity should pick up.
Here is what he expects for 2014:
“We are really seeing a surge in demand and we’re going to see prices move this spring,” Mitchell said.