We all realize that the best time to sell anything is when demand for that item is high, and the supply of that item is limited. A major report released by the National Association of Realtors (NAR) revealed information that suggests that now is a great time to sell your house.
THE EXISTING HOME SALES REPORT
The most important data revealed in the report was not sales but was instead the inventory of homes for sale (supply). The report explained:
Total housing inventory rose 4.1% from December to 1.52 million homes available for sale.
Unsold inventory is 9.5% lower than a year ago, marking the 32nd consecutive month with year-over-year declines.
This represents a 3.4-month supply at the current sales pace.
According to Lawrence Yun, Chief Economist at NAR:
“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis that is weighing on affordability.”