The shortage of available homes for sale has become a major trend in advance of the busy spring home shopping season.
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Breaking News: The inventory on the Upper West Side will only last 5 ½ months! (Cue the Psycho shower scene music).
Rising prices encourage new construction, and rising prices encourage some homeowners to sell. The big question for 2013 is whether today's price gains will continue strongly enough to encourage builders to build and homeowners to sell.
Our operating thesis about what the bottom in the housing market would look like is changing now that we're having a good look at markets that have bottomed like Miami and Phoenix.
The sellers waiting to pounce on any market upswing, may be a big reason why the recovery won't be steady and swift.
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