Heading into Spring Buying Season,

Home Prices and Inventories

Home prices and the limited number of homes for sale are the top concerns. "The spring

buying season is right around the corner and current supply levels aren't even close to what's needed to accommodate the subsequent growth in housing demand," says Yun. "Home prices ascending near or above double-digit appreciation aren't healthy, especially considering the fact that household income and wages are barely rising."  

The median existing-home price for all housing types last month was $213,800, up 8.2 percent from a year ago ($197,600). The price increase in January was the largest since April 2015, when home prices moved 8.5 percent higher compared to a year ago.

Meanwhile, total housing inventory at the end of January rose 3.4 percent to 1.82 million existing homes available for sale. Inventories remain 2.2 percent lower than a year ago. At the current pace, unsold inventory is at a four-month supply, up slightly from 3.9 months in December 2015.
In January, properties typically stayed on the market for 64 days, below the 69 days average from January 2015. Thirty-two percent of homes for sale in January sold last month in less than a month.

So if you’ve been thinking about selling your home, now may be a good time to take advantage of the current seller’s market. There just are not enough good homes on the market right now. I know you may have questions about making a move, what your home might be worth, and what’s involved in putting a home up for sale. I’m happy to walk you through the process and answer any questions you may have. Please give me a call or e-mail me today and we’ll get started. Source: Rosa Pace