Inventory of "For Sale" Homes Posts Big Drop

What does this mean? It means that there are fewer houses for sale which will in turn cause prices to rise. Less inventory + more buyers = sellers market.  


From the Daily Real Estate News 4/17/12  "The nationwide inventory of residential homes for-sale dropped 21 percent in March compared to a year ago, according to newly released housing data from Realtor.com, tracking 146 metro markets. 

In fact, all 146 markets posted a drop in their inventory, except for two — Hartford, Conn., and Philadelphia. 

The nationwide median list price in March also saw improvement, increasing more than 5 percent last month compared to last year at this time. 

The housing picture is much different than last year at this time, when inventory was up 26 percent and list prices were down 4.81 percent. 

“If the market continues to hold its own, 2012 could well mark the beginning of a broad-based housing recovery,” according to Realtor.com. "