Well, Americans are buying houses this winter. Each week inventory is falling and pendings are climbing. The market has fewer price reductions and more immediate sales each week. None of this is crazy hot like last year, but the data is pretty irrefutable.
Available inventory of single family homes on the market declined by another 1.8% this week to 457,000. It’s not totally unheard of for inventory this early in the year to creep down for a few weeks. This year’s change is notable because inventory was rising so unusually fast in September and October.
On the demand side, pending volume is way up over December and climbing rapidly. There are now 279,000 single family homes in contract, up 6% over last week. And price reductions are down to just 33% of the market now.
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