Darci Marchese, wtop.com
WASHINGTON – The more options out there for people trying to buy a home, the better. But inventory continues to be low, meaning the same home buyers are tripping over the same properties.
While low inventory is frustrating to home buyers, it’s proving to be rewarding to some home sellers.
“The low inventory is keeping these prices stable and even rising in many areas,” says Ryan Price with George Mason University’s Center for Regional Analysis.
Price says new data shows that in September, many areas, including the suburbs, enjoyed big spikes in home prices.
The low inventory is also leading to homes selling faster than last year.
In D.C., for example, the number of days a home was on the market was the lowest it’s been in seven years. It’s easy to see why.
“The level of active listings in September is the lowest the city has seen in eight years,” says Price.
There’s a lot of demand for fewer homes on the market.
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(Copyright 2012 by WTOP. All Rights Reserved.)
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