The inventory of homes for sale has reached its lowest level since 1999, which is helping home prices to rise in many markets, says Lawrence Yun, the National Association of REALTORS®’ chief economist.

“Buyer traffic is continuing to pick up, while seller traffic is holding steady,” Yun says. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”

The National Association of REALTORS® is projecting a seasonal rise of inventory this spring, “but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Yun says.

While the housing recovery is taking hold, more buyers and sellers are realizing they are in a better place this year than last year. Super low mortgage rates are keeping home prices affordable, despite recent price gains.

However, some housing experts are concerned that several factors could still threaten housing’s recovery this spring–mainly the economy and threats over a new recession that may be looming. Also, unemployment remains high, which can cause home owners to fall into foreclosure and could increase foreclosure rates, which can bring overall home prices down.

Source: “Will housing market’s revival last?” Sarasota Herald-Tribune (March 9, 2013)

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Will Nesbitt

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Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia. Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with NesbittRealty.com Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.