Inventories of homes for sale are dropping in areas where they’ve recently been high like in Oakland, Calif., Phoenix and Miami. Interest rates are approximately 0.75 percent lower than they were a year ago. It seems like a good time to get off the fence and into the action if you can find a house that reasonably matches your wish list and you don’t find yourself bucking other buyers who have the same idea.
The Unsold Inventory Index tracks the unsold homes in a market. It’s a gauge of how long it will take to sell off the inventory at the current sales pace. Six months of unsold inventory is thought to represent a balanced market.