August 2012 shows a huge improvement in a bellwether statistic. Wow. I always thought that was spelled bellweather. When I checked the spelling, I got a definition thrown in.
“A bellwether is any entity in a given arena that serves to create or influence trends or to presage future happenings.”
The good news is that the supply of homes for sale in August 2012 is 4.6 months. Six months supply is generally considered the upper limit of a balanced market, so we may have entered a time of stability. For comparison, the supply in August 2011 was 8.7 months and in August 2010 it was 9.4 months.
Buyers are competing for houses again, which is good news for sellers and anyone else who benefits from rising values.