The existing-home sales news was good, with sales up a strong 10 percent. That’s the second straight increase since the big, expected drop in July, right after the home buyer tax credit ended.
Of course, because of that big July drop, the market is digging itself out of a pretty big hole, so the two consecutive gains represent just the start of a long-term rebuilding. But the figures are encouraging, because they demonstrate that the market is capable of moving ahead without the tax credit acting as a stimulus.
Looking ahead, it’s possible inventories will ease as we head into winter; inventories tend to drop in the winter months, as would-be sellers hold off until the spring to put their homes up for sale and owners who are selling take their homes off the market until after the holiday season.
So, at least in the near-term, we could see some improved inventory, which in turn could help prices, if trends proceed as they have in the past.
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