April 2017 remains a buyers market. Right now there are more buyers in the market than homes for sales. Prices continue to increase and listed homes on average receive contracts in less than a month. While interests are above recent lows, they still remain a bargain against long term averages.
1) Inventory of homes dropped to 2.7 month supply from 2.9 months.
2) Home prices increased 9.5% to an average of $262,500
3) On average, listed homes had a contract in 29 days.
Offsetting this strong news, home sales decreased .8% from last April. It appears to be driven by a shortage of inventory vs. lack of demand.
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