Inventory falling, counter to the normal seasonal trend : Our home
listings index registered 62.9 in March, essentially unchanged from 62.6 in
February. However, any level above 50 points to declining inventory (a
positive for pricing, although not as positive for those searching for homes),
and inventory levels typically increase in the spring season.
Time needed to sell a home continues to decline: Our time to sell index
improved to 62.0 in March, up from 55.9, in February (readings above 50
point to shorter times needed to sell). This is the best predictor of future
pricing trends as it is a function of both inventory and traffic, and this is just
the second month since we started the survey in which we have seen a
reduced time needed to sell a home (February was the first month).
John Holbrook - Realtor Prudential Chaplin Williams Realty