In recent months, we’ve talked about the coming housing shortage in American markets. Well two recent reports are reinforcing those claims and it looks like the shortage is heating up.
According to Redfin (who tracks home prices in 19 different U.S. markets), home prices are up 3.2% from July 2011 to July 2012, and the overall number of homes that are for sale dropped a huge 28%.
Freddie Mac is also sharing news from their U.S. Economic Housing Outlook for August, and the home price index has risen 4.8%. Not only that, Freddie Mac says there is no huge shadow inventory waiting to come onto the market, as other may believe.
These statistics show that the housing markets in major cities are going to continue to see a falling inventory of housing, which will drive up the prices. So if you’re an agent with a client that’s still on the fence, tell them the time to buy really is now!
To learn more about short sales, and how you can help navigate your clients through the selling or buying process, download our FREE report, Why 2012 is the Year of the Short Sale now!