Home Sales Increase While Inventory Drops

According to new data, declining inventory may be helping to push more buyers to buy, increasing the amount of home sales across the nation. In September, homes listed on Zillow spent an average of 30 days less on the market than in September 2012. Chief Economist at Zillow, Dr. Stan Humphries said, “the declining inventory of for-sale homes over the past year naturally creates pressure for buyers to more quickly snap up the inventory that is on the market. This demand has been fueled by huge resets in home prices since market peak, historically low mortgage rates and a slowly improving broader economic climate.” Additionally, the states of California and Texas had the fastest moving housing markets nationally in September. More here

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