#Montgomery#County#Maryland#Homes - #Fewer Homes on the Market.

Higher prices and tight supply continue to stifle the market. "Pending sales showed solid gains last month, driven by a steadily-improving labor market," said Lawrence Yun, the National Association of REALTORS® chief economist. "However, the underlying obstacle—especially for first-time buyers is the low inventory. In a Bloomberg interview, Mortgage Bankers Association CEO David Stevens stated that home prices are rising twice as fast as wages and he expressed concern that inventory will drive up prices, discouraging many would-be home buyers. Total housing inventory at the end of March was slightly lower than one year ago, and new listings are not coming on at nearly the pace needed to meet demand, according to an April CNBC housing report. The Bottom Line is low rates makes it an exciting time to become a new homeowner or moving up to a dream home.