Housing has definitely shifted to a seller’s market, with inventory at a 13 year low. The National Association of Realtors (NAR) reports the January Pending Home Sales Index as being at 105.9% which is the highest rate for contracts (not closings) in years, meaning that homes that are available are being sold quickly.
According to NAR Chief Economist Lawrence Yun, home pricing will likely be on the upswing as less homes are on the market. “Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012,” he said. “While home prices are projected to rise more strongly because of inventory shortages,” Yun concluded.
Throughout the United States pending sales have increased, with the largest gains seen in the Northeast and Midwest. Moderate increases in pending sales occurred in the South and the West has stayed pretty much the same in the last month.
Over five million homes are expected to be sold in 2013. Will your home be one of them? To find our more about how to start the process of selling your home, please contact us, your local experts in real estate.