Alliance seeks to rehabilitate old homes

As for the supply of homes, it fell to a record low – down 16.5% from one year ago – the association reported. Total housing inventory at the end of January amounted to 860,000 units, down 2.3% from December, the group reported. Unsold inventory sits at a 1.6-month supply at the current sales pace, according to the analysis, down from 1.7 months in December and from 1.9 months in January 2021.

Such tight supply, coupled with strong demand, pushed the median price of a home sold in January to $350,000 – a jump of 15.4% from last January, the National Association of Realtors reported.

Amid such dwindling supply, Kiavi noted that two-thirds of homes are sitting at over 30 years old. Through its technology-powered platform, the company believes that “…we can come together as a nation to solve this challenge by revitalizing them and delivering move-in ready homes to America’s families.”

Bourque expounded on the idea: “With our relationship with CCCI, we will bring this opportunity to underrepresented communities who have local knowledge of their communities and have a chance to make a bigger impact by investing and rehabilitating neighborhoods they are intimately familiar with,” he said.