A big drop in inventories of for-sale homes across the nation has led to a buying frenzy in some sought-after neighborhoods, real estate professionals report. A gradual gain in home prices is also following suit, they say.
NAR projects a 3 percent nationwide rise in existing-home prices this year and a 5.7 percent rise next year.
Several housing markets are now reporting multiple offers and bidding wars surfacing, due to the lack of inventory in some markets.
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