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FORT WAYNE, Ind. (WFFT)-The demand for single family homes is high, so when a house is listed, it goes quickly!
Some markets are seeing increases in signed contracts, but majority of the nation is experiencing fewer closed sales and lower inventory. Indiana isn't an exception.
"It's kind of like the funnel. People that want to buy something may be downsized to something, but there is nowhere to go. They're not putting their houses on the market because they don't know where they are going to go,"Mary Mauger said.
Mauger is a realtor and president of Upstate Alliance of Realtors.
Builders are trying to catch up by developing new neighborhoods, and buyer demand isn't slowing up any time soon.
"People are always going to need a home. We used to run around a 2,000 home inventory here in Allen County, and right now, our number was at 529 so that is obviously a big number compared to 2,000 that we used to run,"she added.
Mauger said builders are also facing roadblocks in the process from government issues to increases in material costs which has driven prices up for new construction.
When it comes to a boost in listings to level it all out, it's going to be a while.
"We're at a one month supply and six months is normal. We've been running that way for a little over a year."
She said it's going to take another year before it's really going to balance out for supply and demand.
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