The national housing supply fell to a 2-year low last month, according to the National Association of RealtorsÂ®.
At the current sales pace, existing home inventories would sell out in 7.8 months -- 30 percent faster versus November 2008.
For a 10-month window, that's a major housing supply reduction and it helps to explain why multiple-offer situations have been so common lately.
Moreover, the same report from NAR showed sales activity reaching its highest point since July 2007, too.
If you're looking for evidence that the long-standing Buyers Market is ending, this month's Existing Home Sales report might be it.
Even median sales prices -- typically dragged lower by..............
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Chris is Florida's #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and recently featured on Fox35 News.
Chris can be found at
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or by calling 407.377.0500 x 210