NAR’s chief economist Lawrence Yun remarks about today’s numbers: “Realtors® are saying foot traffic remains elevated this spring despite limited—and in some cases severe—inventory shortages in many metro areas. Homeowners looking to sell this spring appear to be in the driver’s seat, as there are more buyers competing for a limited number of homes available for sale.”
He anticipates the median existing home-price will rise 6.7 percent this year. As MHProNews understands, the low inventory may be related to incomes not growing enough to make more expensive homes affordable for people who do want to move up, but have decided to stay put in their existing home. If inventory remains low and prices increase, fewer people may want to move. Stay tuned. ##
(Photo credit: knoxnews)
