Dwelling Deficit

A key reason existing home sales have remained lackluster despite record low unemployment and spectacularly low interest rates is homeowners now stay in their homes for about 13 years, up from eight years as recently as 2010. Thus, the inventory of for sale homes has plummeted from 3/100 households as recently as 12/07 to just 1.25 in 9/19, a decline of 58% and the lowest level since at least 1985.