Continuously improved affordability conditions and low interest rates are expected to attract more potential home buyers and help reduce inventory. According to Move Inc.,approximately 1 in 4 (23%) Americans expect to buy a home in the next five years.
The months supply of homes has fallen to less than 10 months this year in comparison to double-digit levels for most of last year. In February, 3.8 million existing homes were available for sale, representing 9.7 months of supply at the current pace of sales.