Home Supplies Plummet, Putting Pressure On Home Prices To Rise
It’s no wonder that — their inventory of homes for sale is depleting at a furious pace.
For the 4th straight month, New Home Sales gained, posting the best numbers since last September’s meltdown and handily beating economist expectations.
The available supply of homes is nationwide.
It’s further evidence that the housing market may have bottomed at some point this past spring.
To be sure, the strong housing data is, in part, a reaction to three outside factors:
- Low mortgage rates
- An expiring government tax credit
- Hefty builder incentives
But, buyers are buyers and the clearing out of outstanding inventory provides terrific support for home prices. It also gives them reason to rise.
Coupled with the numbers from July, therefore, this months’ New Homes Sale report may be a signal that the Buyers’ Market is ending and the Sellers’ Market is beginning.
If you’re planning to buy a home this year or next, it may be time to get a move on. Wait too long, and prices may be up.
Chris is Florida’s #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, and is the resident “Money Guy” on Realty Resolve.
Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210
