According to a new report by CNBC, home prices are beginning to soar once again, as the number of houses for sale continues to remain low.
And, as one expert points out, that could mean bad news for springtime home sales, as high prices were the main factor in last year’s weakened market.
In all, there were nearly 9 percent fewer homes for sale in January 2015 than there were the year before.
“January’s inventory data suggest a continuation of the tightening trend we identified last month in the December data, and with a shortage of inventory typically comes increased home prices,” said Jonathan Smoke, chief economist at Realtor.com. “Half of the 200 markets Realtor.com tracks experienced year-over-year price increases of at least 6 percent in January.”
Image via flickr/Tom Caswell