Seller’s Market on the Rebound throughout the Country
A
seller’s market is developing and home prices are continually raising
in every region expect for the West. Here we are seeing a limited
inventory. Nationwide, inventory fell 4.9% to 1.74 million homes available
for sale (representing a 4.2 month supply at the current sales price).
Distressed home sales accounted for only 23% of the home sales in
January 2013—down from the 35% the prior year.
“We
expect a seasonal rise of inventory this spring, but it may be
insufficient to avoid more frequent incidences of multiple bidding and
faster-than-normal price growth,” Lawrence Yun, NAR chief economist,
explained.
In
addition to the limited inventory, buyer’s confidence and traffic is
continually picking up hinting that there will be a large increase in
seller home values when these two trends merge. READ MORE HERE.
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