Demand For Homes To Buy Continues To Soar
Across the United States, there is a severe mismatch between the low number of houses for sale and the high demand for those houses. First time home buyers are out in force and are being met with a highly competitive summer real estate market. Demanding is literally soaring. According to the National Association of Realtors (NAR), the inventory of homes for sale "has fallen year-over-year for 36 consecutive months," and now stands at a 4.1 month supply. A 6 month supply is necessary for a balanced market and this has not been seen since August of 2012. Here in the Vancouver, WA area, it is down to a shocking 1.7 month inventory of available homes for buyers. NAR 's Chief Economist Lawrence Yun had this say, "Inventory coming onto the market during this year's spring buying season - as evidenced again my last month's weak reading - was not even close to being enough to satisfy demand. That is why home prices keep outpacing incomes and listi