Not only is the inventory of homes for sale decreasing, the average days on market is lowering as well. The average is down 11% nationally. September 2011 housing data shows that homes were listed on average 107 days and this September it is down to 95 days.
The inventory of homes for sale continue to remain low and nationally has dropped 18% September 2012 vs September 2011.
Low mortgage rates and affordable housing is creating in increase in home buying demand and is pushing homebuyers’ purchasing power higher. This is also creating a rise in asking prices which is up 0.8% compared to 2011 according to Realtor.com.
Source: “Listings of Homes for Sale Drop as U.S. Housing Recovers,” BusinessWeek (Oct. 15, 2012) and REALTOR® Magazine Daily News