(CNBC) -- Anyone out hunting for an affordable home today knows that the pickings are slim – and they are about to get slimmer.
Housing inventory hit a record low about two years ago, but a lull in home sales over the past year helped build back much-needed supply, especially in the mid-priced range. Then a sharp drop in rates this summer brought demand back and has depleted that supply dramatically.
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National housing inventory fell 2.5% annually in September, a sharper decline than August’s 1.8% decrease, according to realtor.com