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Existing Home Supply Falls By Nearly A Month

September 25, 2009 by Scott Kinne

Existing Home Supply August 2008-August 2009

As reported by the National Association of REALTORS®, the number of Existing Home Sales dipped last month, ending the metric’s 5-month winning streak.

Newspaper headlines today are overwhelmingly negative on housing. You’d almost believe this year’s housing recovery had ended.

That’s hardly the case.

See, the other side of the Existing Home Sales story is that — while the number of units sold did fall by 3 percent — the existing supply fell by nearly an entire month.

To home buyers and home sellers, this is huge. Home prices are based on supply and demand and with supplies plummeting, it means that home prices are poised to rise.

Indeed, dwindling inventory isn’t “news” to today’s buyers. Multiple offer situations have been common since the start of the summer and, should supplies fall further, they may soon be the home-buying rule rather than the exception.

Since peaking in November 2008, existing home supplies are down 23%.

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Scott Kinne

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Vice President, Senior Loan Officer
NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

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