Not every housing market is dealing with an inventory shortage, as over one-third of respondents said there was excess supply in their local area, according to a First American Financial survey.

"When asked to identify the top reason for the availability of supply in their markets, 47.5% of the survey respondents indicated the lack of first-time home buyer demand as the main reason for the availability of inventory," said First American's Chief Economist Mark Fleming. "Most of the survey respondents that cited lack of first-time home buyer demand as the reason for the availability of inventory were based in Connecticut, Louisiana, West Virginia and Florida."

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