Homes on the market hit a new record low for the month of May at 5,463 active listings.
As reference, the average number of active listings in the month of May is 16,981 (1985-2015). The record high May was in 2006 with 30,457 listings, and the record low May was 2015 with 5,657.
“Ongoing inventory shortages are now spreading across the country,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “And here we are setting yet another new record low for inventory in May.”
While active listings are only down 3.43 percent year over year, this is the time of year when inventory grows until the market hits its peak in August and September according to Rael.
He comments, “If things continue at this…