For months we have had a shortage of homes for sale which has forced buyers to compete with each other for the same homes. There are more homes on the market right now than at any other time this year. We hit our low last March.
*2013inventory
. . and are about at the level we were before the housing market crashed . .
*10yearchart
The demand for homes remains strong, but the normal market forces of supply and demand cause prices to go down a bit . . . which is pretty much what happens every October. They will hit bottom in December and start to rise in January.
As always there are still homes on the market that just are not selling and homes that sell in a day with multiple offers. Some buyers are finding what they want and others are having a tough time finding the perfect home.
*No numbers were injured in the creation of these charts. The data came from the Northstar MLS which is deemed reliable but not guaranteed which is more than I can say for other sources of data. Real estate is local and so are these numbers.
Nice to see some inventory returning. Though it may be a mixed blessing.