From my monthly report from Credit Suisse and their survey of real estate agents nationwide on what they’re seeing in the marketplace, another solid indicator of how quickly the market has turned around.
Traffic levels exceeded agents’ expectations in the region during the month of May, and 88% of agents reported that home prices increased in the most recent 30 days compared to the previous month.
Some of the comments from agents…
People who qualify to buy want to right now as prices are going up. But there are not enough properties out there and they are being bought up by cash buyers, finance deals are hard right now.
Rentals are getting expensive and are hard to find in desirable neighborhoods.
Prices going up frees some owners who are above water and can sell now.
We are definitely seeing the supply of homes remain tight, which is in-turn leading to shorter times to sell. But the plus side is that the rising prices means that more home owners will be able to sell leading to (hopefully) some more inventory.