Homebuyers Face Bidding Wars on Scarcer-than-Ever U.S. Listings #homeownership #realestate #socal

Source:  Bloomberg

It's the 2017 U.S. spring home-selling season, and listings are scarcer than they've ever been.  Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.

The three months through January had the fewest homes on the market on record, according to an analysis by Trulia.  Prices jumped 6.9 percent in January from a year earlier, the biggest increase for any month since May 2017, data from CoreLogic Inc. show.  And homes sold faster in the first two months of 2017 -- spending an average 58 days on the market -- than at the start of any year since at least 2010, according to brokerage Redfin.

Check out the full story here:  https://www.bloomberg.com/news/articles/2017-03-17/job-surge-fuels-bidding-wars-for-record-low-supply-of-u-s-homes

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