Scott looks at yesterday’s Warren Group numbers on rising home sales and sees trouble ahead:
OK, this might be good for some sellers. But, when combined with a big drop in the number of homes on the market, the trio of surging sales, rising prices and falling inventory is definitely, positively and unquestionably bad news for bargain hunting buyers.
Yes, the most important number out there right now is inventory – how many homes on the market right now.
And the numbers are positively anemic, with single-family homes for sale having dropped more than 23 percent in October compared to October 2011.