Home sales see small bump; buyers face falling inventory

Lower inventory, fewer choices and other factors may have spurred homebuyers into action in October, creating more balance in the residential marketplace.

The net result for the month was a 2.9 percent increase in residential home sales when compared to October 2014.

Meanwhile, indicators show potential for more action as pending sales increased 13.1 percent – 197 additional signed listings – over October last year.

“The market is still a robust market,” said Craig Liles, associate broker with Croslis Realty, Allentown. “There are plenty of buyers still looking out in the marketplace.”

Those buyers see fewer choices, as new listings fell 9.9 percent October over October.

“Inventory was down,” said Conrad Vanino, broker with Century 21 Park Road, Wyomissing. “When there are a lot of listings, then it becomes a buyer’s market. As it is, now is good for property owners selling, but it’s tough on buyers because they are very limited on their choices.”

Liles noted that interest rates still are relatively low.

“[Rates] are expected to increase in the near future, so the buyers that are out there are highly motivated to get something under contract before those rates change,” he said.

“There have been a lot of buyers buying up old inventory over the last 18 months. Although there is not necessarily a shortage of listings, it has come back into a much more of a balance between the buyers and sellers.”

The declining number of homes available for sale provides opportunities for sellers.