What would you think if you walked into Bealls one day and instead of the usual five dozen bathing suits to choose from, there were one or two, and they were overpriced. Well that's similar to what home buyers are experiencing around the nation.

Earlier this month the National Association of Realtors reported figures indicating home prices rose in 83 percent of the nation's 178 major real estate markets, bringing that average up to just 2 percent below the peak in July of 2006. Unfortunately, per national economists most of the price gains really stem from a lack of inventory rather than a surge of buyers.

During the second quarter of this year, the home ownership rate hit a 51-year low of 62.9 percent, a drop from 63.4 percent for the same quarter last year. Considering that the homeownership rate was 69.2 percent in 2004, a lot of politicians and real estate professionals are getting themselves into a frenzy. However, the housing bubble that created that level of homeownership was in many economists' opinions unrealistically fueled by government mortgage guarantees, resulting in borrowers without the financial ability to repay the loans.

Now we're faced with a shortage of homes for sale, which is pushing up the cost of the properties and boxing out young first time buyers. This is a really unhealthy environment since the market needs those buyers in order for the homeowners above them to keep moving and to provide liquidity in the marketplace.

In addition, as I wrote about a couple of weeks ago, the pace of new home construction is at very low levels, especially at the lower end of the new housing market. This is partly because of the under performing economy and increased regulations, which also are pushing up the price of a new home. Again, we need new construction so buyers have options to move on to. Also, mortgage money is still tight, especially for first time buyers, as lenders are looking very carefully at these buyers, who may have school loans, entry level jobs and lower credit scores.

Manatee County's housing market continues to appreciate like most of the country. During June, the median price, half above and half below, of a single family home rose 12.4 percent to $285,000, and the average sale price increased 14.5 percent to $351,801 from June of last year. The condo median sale price increased 11.6 percent to $173,000 in June, and the average increased 13.3 percent to $220,322 compared to June of 2015

Our inventory increased during June to 17.2 percent for single family and 3.6 percent for condos, giving us a 4.4 month supply of properties for both single family and condos, still below what is considered a normal market. This is an increase of 18.9 percent for single-family homes and 7.3 percent increase for condos. Considering the time of the year when sales typically fall off, this increase in inventory may only be a temporary adjustment. According to Zillow.com, the national inventory of homes for sale has dropped more than 37 percent since 2011, which does include the reduction of foreclosures.

I'm always bullish on home ownership, and it is certainly a cornerstone of our economy, but in a weak economy with stagnant wages, we should get accustomed to the home ownership rate continuing to fall. A scary statistic I recently read predicts the possibility of home ownership going down to 58 percent by 2050, according to several housing experts. Since that's more than 30 years away, lots can happen. Let's just deal with what we know now and concentrate on those bathing suits.