The National Association of Realtors is reporting that "sales activity is at the highest pace since February 2007 when it hit 6.55 million". First-time homebuyers, who have embraced the first-time homebuyer credit, are the driving force behind the sales increase which is evident by the spike in activity in the lower price ranges. NAR President, Vicki Cox Golder, reported that in some areas of the country the demand has increased so much so, that NAR has been receiving reports of multiple bid situations. Golder states" In fact, low-end inventory has become very tight in many areas and in some cases buyers are becoming more aggressive. In this kind of environment, it's important to work with a Realtor® who can walk you through the process and help you negotiate a satisfactory deal."
Lawrence Yun, chief economist for NAR, is optimistic about stabilization in the housing market in the second half of 2010. He states " ....if home values show consistent stabilization or even a modest increase, then home sales could remain at normal healthy levels because consumers would no longer be worried about a price overcorrection."
Another positive highlighted in this report is that the supply of homes available on the market has dipped to its lowest level in over two and half years, which creates more of a balanced market.
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