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‘The days of bargain hunting may soon be coming to an end’

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.

One Response to ‘The days of bargain hunting may soon be coming to an end’

  • Sure. And prices always go up. Is he channeling David Lerah? I agree he’s focusing on the right metric of months’ sales in inventory, and I agree 6.7 months is much more like pre-crash levels, but in a traditionally thinner sales period (fall/winter as compared to spring/summer), I’m not sure things are extreme as he’s painting them. Of course, he’s not in the business of being boring, so sexy “oh my gosh everything’s changing” articles draw more eyes and more ad revenue.