It is official; the National Association of Realtors® has confirmed that we are now in a buyers' market.

According to the NAR June report on existing home sales there is now a 6.8 month supply of existing homes on the market. One year ago the supply was 4.4 months.

NAR President Thomas M. Stevens stated that "people who were discouraged by the bidding wars that were so common over the last few years are finding more choices now. Relative to the five-year housing boom, this year is a buyer's market in much of the country with plentiful supply, along with interest rates which remain historically favorable, so it's a good time to buy a home."