Tuesday, November 25, 2014

Home Inventory is Increasing – Good News for Buyers

Depending upon what price range you are interested in buying, you’ll be happy to know that the number of homes for sale increased steadily throughout the month of October. While this represents more choice (and possibly lower prices) for home buyers there is a difference between how much this will benefit you depending upon how much you are looking to invest. 

Although lower priced home inventory increased an impressive 68.3% in 353 major metropolitan areas (stats by Zillow), homes in the upper price tier experienced a rise of 82.2% in the same market areas. The actual nationwide average increased a more moderate 15.8% overall, but this still represents more buying opportunities for home seekers.

As an example, Denver has almost 4 “upper” priced homes ($357,900 or more) for sale for every 1 lower priced home on the market (homes priced less than $219,000).  Many other cities show a difference of about 2 to 1 including Atlanta, Georgia, Dallas, Nashville and others. It’s important to note that 25 of the 35 largest cities in America had more inventory available this October as compared to October of last year in all price categories.

Again, according to Zillow the median house price as of last month was $177,500, a 6.4% increase when compared to home prices of a year ago. As inventory continues to increase most experts feel that the housing market is beginning to stabilize along with prices. All factors considered, now seems to be a good time for buyers in most areas to finally make the move and buy the home that they’ve always dreamed of.


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