Home Supply Drops
July 28th, 2009 categories: Buyer Strategies, Mortgage & Finance, Seller Strategies
You have probably heard commentary about the desirability of falling home supply relative to an improved housing market. Chantilly area home owners, like others throughout the US, are aware that supply and demand balances play a huge role in how the market is recovering.
In that context, it is probably good news that recent statistics showed there was 9.4 months of supply, down from where it was a year ago at 11.0 months.
The numbers are still way off historical averages, but at least at this point, it is some movement in a good direction.
Two other metrics also showed some improvement: — the government’s Home Price Index and the private-sector’s Case-Shiller Index.
No doubt, some of this improvement is coming from both low mortgage rates as well as the First-Time Home Buyer Tax Credit. First-time buyers are a big part of the mix. They are 29 percent of the market, according to one real estate trade group.
So, in addition to the difficulties that many are experiencing, there are some good signs.
By the way, if you will be looking for a mortgage anytime soon, listen to our Chantilly Radio series on“Getting a Mortgage: What to Know.” This series is especially useful if you are a first-time buyer or have been out of the market for awhile.
