Affordable Housing has become an issue due to the lack thereof. As prices rise, homes under $250,000 are becoming more scarce. As you can see from the chart below, homes priced under $250,000 are on a steady decline and are at their lowest rate in 4 years (863 homes.)
Homes under $250,000 are selling in 45 days according to this chart. The shortest amount of time to sell a home under $250,000 since 2012 was July, 2018 (38 days.)
Sales for July, 2019 have dropped due to low inventory. Short sales and foreclosures are less than 1% of sales for homes up to $250,000. June, 2007 mirrored that same number of sales. The current number of sales has not reached the height of sales under $250,000, March 2005, totalling 21,845 sales.
Since inventory is low, prices are rising with low interest rates, these don't make very good investment flips. There isn't enough spread to show a profit between purchase, remodel and sale price.
Housing Statistics provided by subscription of the Cromford Report.
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