If you are in the market for a new home, consider this article in CNBC.com
Anyone looking for an affordable home today knows that the pickings are slim – and they are about to get slimmer. National housing inventory fell 2.5% annually in September, a sharper decline than August’s 1.8% decrease, according to realtor.com
Time to Choose Your New Home
The demand is being fueled by lower mortgage rates. The average rate on the 30-year fixed surged over 5% last November and stayed above 4.5% through March, according to Mortgage News Daily. That made for a lackluster spring housing market, traditionally the busiest time for buying. Rates then began falling in May and particularly sharply in July and August. By the start of September the average rate was around 3.5%, and sales of both new and existing homes were surging back. Clearly there was substantial pent-up demand from the spring. Demand also surged in the move-up market, causing supplies there to fall as well.