Why availability is the new affordability when it comes to home buying

“It’s a hyper seller’s market right now,’’ said Steve Medeiros, president of the Massachusetts Association of Realtors. With less than a month’s supply of homes on the market in December, Medeiros said — down from two months in December 2019 and a 4½-month supply in 2015 — there are more buyers than inventory, and simply being able to afford a home doesn’t guarantee you’ll be successful in purchasing one. “I just had a listing, we had seven offers on the property,’’ he said. “But only one person can buy it.’’

Medeiros said there’s hope on the horizon in the form of new construction, though it will take a while before enough new housing hits the market to relieve price pressure. New housing starts and construction permits have recovered from an early pandemic dip, and the long pushed-for “Housing Choice’’ measures in the state’s recently passed economic stimulus bill will eventually boost inventory by encouraging denser development near MBTA stations and allowing towns to approve new projects and accessory dwelling units by a simple majority vote.