【CNBC】Here’s where the housing shortage is the worst

• At the end of October, inventory nationwide fell to a 3.9-month supply, according to the National Association of Realtors.
• The supply is worst on the low end, down over 6% from a year ago for homes priced between $100,000 and $250,000, according to the Realtors.
• California, where prices are highest, is seeing a drop in supply in all major markets, but supply is also falling in some unexpected cities.

Inventory has been falling annually for five straight months, after it recovered slightly toward the end of last year, due to a spike in mortgage rates. Rates began falling again by spring of this year. Homebuilders have been increasing production slowly, but it’s not enough to meet the increasingly strong demand.

Millennials have waited longer to buy homes than previous generations, due to the last recession, but now the economy is stronger, and they are aging into their buying years at a fast clip.

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