The inventory of homes for sale continues to decline. The months’ supply of existing single-family homes dropped to just 3.9 in March, the lowest reading since records began in 1982. The lack of homes for sale has led to increased competition among buyers, with homes selling at a fast pace. The mismatch between active demand and supply is also driving house prices higher, with Case-Shiller reporting annual growth of 5.8% in February.
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