In any given market, inventories fluctuate based on supply and demand considering area and price range. The National Association of REALTORS considers a balanced market to be a six-month supply of homes.
If it takes longer than six months to sell, it is thought to be a buyer's market and less than six months, a seller's market. Most buyers and sellers probably feel a balanced inventory is more like three months' supply of homes.
The inventory of existing homes has been reduced to approximately 1.5 million houses which is 10.3% lower than a year ago. According to the Federal Reserve Bank of St. Louis there are 5.7 months' supply of new homes currently on the market in the U.S.
Inventory has a direct impact on price. When demand is constant, but inventory is reduced, price tends to increase because the same number of people are trying to buy a smaller than normal number of homes.
As easy as it is to recognize the signs of spring, one should be able to spot the direction prices will be moving. When prices and mortgage rates are increasing, buyers are affected by not being able to afford the same price or size of homes.
Author:Mary Ann Lightfoot Phone: 702-203-1620 Dated: March 12th 2018 Views: 27 About Mary Ann: Originally from Chicago, IL. I started in Real Estate in 2000 selling new homes for an Age Restrict...
View our latest blog posts in your RSS reader. Click here to access.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
We just have to ground the Jets and we are off to the Stanley Cup!The
"I do not often write reviews that said, I am writing this review in the hopes that it may sway some in favor of working with Jake.
After a very difficult home buying experience over the course of the last few years, I was finally put in touch with Jake Soteros. Jake was the complete antithesis of all my prior experiences dealing with real estate agents during the home buying process. Jake was patient, knowledgeable, and ready to help in any way he could in order to assist me throughout. I was able to finally find the best home for me and my family, and as a benefit learned a wealth of lessons about real estate, the home buying process, and the market in general from working with him."