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.