Affordable Conditions & Low Interest Rates Expected to Attract Buyers
Continuously improved affordability conditions and low interest rates are expected to attract more potential home buyers and help reduce inventory. According to Move Inc.,approximately 1 in 4 (23%) Americans expect to buy a home in the next five years.
The months supply of homes has fallen to less than 10 months this year in comparison to double-digit levels for most of last year. In February, 3.8 million existing homes were available for sale, representing 9.7 months of supply at the current pace of sales.