We have seen how the lack of inventory seems to drive the frenzy. When buyers see fewer choices, they tend to start gobbling.
You can see below how the recent frenzy got started – there was a low level of new listings in early summer, at relatively low pricing:
|June 15 – July 15|
This summer we’ve had 20% more listings in the same period, at an average list price that is 24% higher than last year – which should terminate the frenzy conditions, at least for now.
Compare the 2013 numbers to 2007 and 2008!