According to a recent Wall Street Journal article, housing inventories increased nationwide in August, standing just 2.5% below their levels of August 2012. Nationally, there were 1.98 million homes listed for sale in August, and 2,724 of them are located in southeastern Wisconsin.
Throughout 2013, housing inventory levels have been at shocking lows as low mortgage rates continued to make home buying an attractive option for many more Americans who had previously been unable to buy. In fact, numbers in August were up by more than 24% compared to the lowest inventory levels we saw this year in February. Inventories have continued to increase for the last five consecutive months in southeastern Wisconsin, a sure sign that home owners are ready to meet the demands of buyers and sell their homes.
What does this mean for home prices? They will continue to rise, because though inventory levels are improving, they continue to be lower than marketplace demand. Realtor.com states, “While the overall level of homes for sale remains relatively depressed, the report suggests that inventory may have hit a bottom earlier this year after an extended two-year decline.”
Be sure to talk to your Shorewest real estate agent about the inventory levels in your community if you’re looking to buy or sell. Shorewest will continue to blog about inventory level changes, so check back often for more information.
Tags: buying a home, current housing market, Home Buying, home inventory, Home Selling, Housing, housing inventory, Housing Market, inventory, inventory levels, Real Estate, real estate market, selling a home, shorewest, Shorewest Realtors, wall street journal