Lack of Inventory Slowing Home Sales

Some Highlights:

• The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
• First-time homebuyers made up 31% of all sales in August.
• Homes are selling quickly with 51% of homes on the market for less than a month.
• A limited supply continues to drive up prices for the 66^th consecutive month.
• For sellers, lower inventory is a benefit – less competition when trying to sell your home.
• For buyers, lower inventory means heavier competition among other buyers and the need to act quicker.