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Tight supply is limiting home sales at start of spring

A new apartment building in Philadelphia, Pennsylvania, on Saturday, Jan. 30, 2021. New and existing home sales in 2020 increased over the previous year, despite the pandemic's economic impact. Housing starts are set to increase by a further 3% year-on-year and house prices are expected to climb a further 2.5% nationwide in 2021, building on the strength of the second half of 2020, according to J.P. Morgan Research forecasts. Photographer: Caroline Guttman/Bloomberg (Bloomberg) — A new apartment building in Philadelphia, Pennsylvania, on Saturday, Jan. 30, 2021. New and existing home sales in 2020 increased over the previous year, despite the pandemic's economic impact. Housing starts are set to increase by a further 3% year-on-year and house prices are expected to climb a further 2.5% nationwide in 2021, building on the strength of the second half of 2020, according to J.P. Morgan Research forecasts. Photographer: Caroline Guttman/Bloomberg (Bloomberg)

3 min read . Updated: 23 Mar 2021, 02:20 PM IST NICOLE FRIEDMAN, The Wall Street Journal

Sales fell 6.6% in February; U.S. has more Realtors than houses for sale right now

The record-low number of homes on the market is limiting purchases heading into the spring selling season.

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