Home Supplies Plummet, Putting Pressure On Home Prices To Rise
The available supply of homes is down to 7.5 months nationwide.
It’s further evidence that the housing market may have bottomed at some point this past spring.
To be sure, the strong housing data is, in part, a reaction to three outside factors:
But, buyers are buyers and the clearing out of outstanding inventory provides terrific support for home prices. It also gives them reason to rise.
Coupled with the blowout Existing Home Sales numbers from July, therefore, this months’ New Homes Sale report may be a signal that the Buyers’ Market is ending and the Sellers’ Market is beginning.
If you’re planning to buy a home this year or next, it may be time to get a move on. Wait too long, and prices may be up.