The National Association of Realtors released their report on existing home sales, and for the 3rd straight month increases were posted month over month. Existing-home sales increased 5% in December from November. This is a seasonally adjusted annual rate of 4.61 million units.
An important statistic for any potential home buyer is that of inventory levels…they are the lowest since 2006 at 2.38 million or the statistical equivalent of a 6.2 month supply should the pace of sales remain at December’s level. As we all know, the price of anything is dictated by the ration of supply & demand.
Bottom line, if you want to get in at the bottom, all indicators point to NOW!