Is There a Window of Opportunity for Sellers Right Now?
One of the most interesting revelations of the latest National Association of Realtors (NAR) Existing Home Sales Report is the shortage of housing inventory being reported throughout much of the country. At the same time, buyer demand is dramatically up over last year. Here are some key points:
- Total housing inventory at the end of January fell 4.9 percent to 1.74 million existing homes available for sale, which represents a 4.2-month supply at the current sales pace.
- This represents the lowest housing supply since April 2005 when it was also 4.2 months.
- Listed inventory is 25.3 percent below a year ago when there was a 6.2-month supply.
- Raw unsold inventory is at the lowest level since December 1999 when there were 1.71 million homes on the market.