In large part, housing market conditions are determined by the balance of buyers and sellers. When there are too many of one and not enough of the other, it affects what home buyers find when they head out looking for a house. These days, the number of homes for sale is low. In fact, according to one new analysis, new listings are down nearly 22 percent from last year at the same time. So what does that mean for spring home buyers? Well, it means there’ll likely still be some competition for available listings, especially move-in ready homes and those in affordable price ranges. Even with buyer demand lower than it was last spring, there are still enough interested buyers to outpace inventory at its current level. For example, so far this spring, homes that go under contract are doing so at an accelerated pace, with nearly half of them selling in fewer than 14 days. That means, spring buyers need to be prepared to move quickly when they find a home that fits their needs. (source)
