Info That Hits Us Where We Live – Home Sales Up, Inventory Low
QUOTE OF THE WEEK… “The single biggest problem in communication is the illusion that it has taken place.” –George Bernard Shaw, Irish writer
INFO THAT HITS US WHERE WE LIVE… That Shavian witticism notwithstanding, the communication from Realtor.com was very clear. The National Association of Realtors (NAR) website offered ample evidence it should be a busy home-buying season this spring.In February, the number of properties for sale was up 10.1% over February a year ago, to 1,744,032 units. The reason may simply be that prices are up too. At $199,000, the median list price is 7.6% higher than it was in the same month last year. But the median age of the inventory has crept up as well, to 114 days.
Inventories, however, are still low. The NAR said the supply of existing homes, at 2 million listings, has been holding around a 13-year low, while new home inventory, at 180,000 listings, is at a 50-year low. Yet consumer feelings about home ownership remain strong. Another national listing site reports that more renters than not aspire to be homeowners. And nationwide, 10% of renters said they plan to purchase a home in the next 12 months. That’s an estimated 4.2 million first time home buyers who could flood the market in the next year.
648 Plank Rd. Suite 203
Clifton Park NY 12065
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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