The inventory of vacant homes for sale fell in the first quarter to the lowest level in six years, according to a new government report which helps explain why real estate agents are complaining about the tight supply of REO properties.
The Census Bureau reported Monday morning that the number of vacant homes for sale hit 1.65 million units in the first quarter, down 18% from a year ago.
The last time the number of vacant homes for sale was below 1.6 million units was in the first quarter of 2006.
Monday’s report also shows the median sales price for those vacant homes has fallen 7% over four quarters to $133,700 in the first quarter. But it appears prices are stabilizing at this low level. In the fourth quarter, the median sales price was $133,800.
The Census Bureau report also said the U.S. homeownership rate fell to 65.4% in the first quarter, which is one percentage point below the rate of a year ago. It is the lowest homeownership rate since 1997.
