Read previewThe tight housing market has shown recent signs of easing, but Moody's Analytics still anticipates Americans will face inventory snags for years to come.
Based on data from the end of December, the monthly sales pace implies 3.2 months' of housing inventory, according to the National Association of Realtors.
That shortage suggests a recovery in the housing market remains years away, the researchers said.
"One good year of 'excessive' supply was only in its relative term when compared with affordability-constrained demand," Moody's researchers said.
Ultimately, to Moody's, increasing housing inventory and rebalancing the market will take years of "joint effort and creativity" across the public and private sectors.
Persons:
—, Nick Villa, Moody's
Organizations:
Service, Business, National Association of Realtors, NAR