Newly built homes impact the housing market

BAKERSFIELD, Calif. (KBAK/KBFX) — In some parts of the country, those looking to buy a home are frustrated with a lack of homes on the market.

However, in many areas the opposite is true as a large inventory of available homes is driving down prices.

The oversupply of newly built homes is causing concern about long-term value.

Bankrate Principal Analyst Ted Rossman joined ARC Bakersfield to explain what buyers should know about the current housing market.