The supply of homes for sale in December 2014 was at its lowest level in over a year.
The January 2015 National Housing Trend Report from realtor.com now reveals that inventory in January has decreased another 6.7% month over month and 8.7% year over year.
This is occurring at the same time that buyer activity (demand) remains strong.
This prompted realtor.com’s Chief Economist Jonathan Smoke to report:
“January’s inventory data suggest a continuation of the tightening trend we identified last month in the December data, and with a shortage of inventory typically comes increased home prices. Half of the 200 markets realtor.com tracks experienced year-over-year price increases of at least 6% in January.”
This after the National Association of Realtors (NAR) had already reported in their latest quarterly report:
“The majority of metropolitan areas experienced steady but slightly stronger price growth in the fourth quarter of 2014, behind a decline in housing supply and an uptick in demand fueled by lower interest rates and a stronger job market.”
Whether you are a first time buyer or a move-up buyer, now may be time to purchase a home – before prices increase any further.
Click here to search Grayslake, Gurnee and Lake Villa Homes for Sale.
Thinking of making a move?
Log onto my website at www.StarHomeTeam.com and search Northern Illinois Homes for sale.
Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeTeam.com
Jim Starwalt, Real Estate Broker
Find Me Online
2015 Real Estate Market - House Prices Beginning to Accelerate