Housing market might gain traction
Home sale activity was decent during the summer, but the market wasn't as hot as many in the industry had expected. Lack of homes for sale was to blame in many areas. But low inventory will likely begin to change this fall.
Total housing inventory fell 1.7 percent at the end of August to 2.31 million existing homes available for sale, according to the latest report by the National Association of Realtors. That represents a 5.5-month supply of homes and it's 4.5 percent higher than a year ago.
With more homes to choose from, buyers who have been shopping for a home for months but who just haven't been able to find the right home yet, will be able to close on a deal, analysts say.
Pent-up demand from potential buyers who have been sitting on the sidelines also may lead to more sales this fall.
"The housing market is going to be a function of the economy," Corr says. "I think we are going to see steady growth in the coming months."