Housing Inventory Decreases

Currently, the national supply of housing inventory is 9.4 months, down from 11 months one year ago. This means that, at the current rate of sales and available inventory, it would take about nine months to sell all the homes currently available for sale.

However, for homes under $250,000, the month's supply is six months, which indicates greater demand. In contrast, the market for $1 million+ homes is virtually frozen at 21 months.

Our local economy is feeling the effects of Phillip Morris, Bank of America, Wachovia and others. Cabarrus County's supply of housing inventory is 10.7 months, which is also down from 2008. However, for homes under $300,000, the month's supply is 8.5 months at this time.

We feel very positive about the market as it is moving in the direction we want it to go. The movement has been slow but slow and steady progress will make for a long term solution to the housing problems.