Good news, home sellers: buyer demand is exceeding housing supply! What does this mean for you?
In short, it means more sales. As one realtor puts it, “With 3 million jobs created and close to 1.5 million new households formed in the past 12 months, many more people want a new home of their own, and they want it bad. Their patience will be tested with tight supply—indeed, the No. 1 impediment of active shoppers in April was not being able to find a home that meets their needs.”
The Northeast is in particular is faring well in the recent upturn. For example, existing-home sales in the Northeast during the month of May jumped 11.3 percent to an annual rate of 690,000. The median price in the Northeast was $269,000, a 4.8 percent increase from exactly one year earlier.
In other words, it’s a great time to be a seller. Check out this graphic from Keeping Current Matters, a great source of real estate news: