Inventory Remains Low Despite Hot Market
Typically, there are fewer home buyers in the fall. Because of this, homeowners who sell after summer have to work a little harder to attract attention. This year, however, things are different.
According to a new analysis from the National Association of Realtors' consumer website, the housing market hasn't cooled and there's been little drop off in the number of interested buyers. Which means, anyone with a home to sell should be eager to take advantage, since the summer sales season seems to have extended into autumn.
But while the number of buyers give sellers an advantage right now, homes for sale are still much lower than last year. During the first week of October, for example, for-sale inventory was down 38 percent nationally. And while that's a slight improvement from the previous week, it's not enough to meet demand, slow competition, and moderate home prices.
That means, fall home buyers should expect summer-like conditions will linger, since the number of interested buyers continues to outpace the number of homes available for sale.