Market Update – Low Inventory, High Demand Pushing Prices Up

posted on February 21st, 2013 | filed under: Uncategorized

Property prices continue to surge, driven by a severe lack of inventory and soaring demand.

While inventory did increase last month, it is still at very low levels. There were 8,160 single-family homes for sale as of the 10th of January.

To compare, there were 12,591 homes for sale last January; 13,779 for sale in January 2011; and 14,635 for sale in January 2009.

This has driven year-over-year prices up by double-digits. For single-family homes, the median price has increased by double-digits for the past five months in a row. The median price for condos has enjoyed seven straight months of double-digit gains.

Increasing prices will ameliorate low inventory, eventually. As prices increase, more homeowners will be able to sell at a profit. Also, home builders will start building more as they see profits increase.

To read the full report on-line, go to: http://dechamplain.rereport.com

trends

posted by Jeff DeChamplain

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Jeff DeChamplain