Spring-time for home buying applies to different months of the year, depending on the location. Typically, though, it covers April, May, and June, because many Americans take vacations from July to August. For most parts of the country, April is usually the busiest month for home buying.
This home buying season is the first one in a while that has the housing market clearly in recovery. Previously, there were lingering uncertainties on home price increases, but this year sees the first season where most people are expecting home prices to rise.
With expectations of prices to increase even more, buyers have been impatient. Meanwhile, property owners are waiting for peak prices before they decide to put their houses on the market. Because of this, inventory in some parts of the country is spare and prices have been pushed further up.
Meanwhile, the worst of the foreclosure crisis is a thing of the past for most parts of the country and the shadow inventory has shrunk. This means that the market has shifted from distressed sales to conventional sales.
Another factor that has a significant effect on the activity during the spring home buying season is the Rent vs. Buy Index. With the latest data, it is still cheaper to buy than rent these days, even though home prices are still rising. While there are fewer sure bargains to be found in the current housing market, buying is still considered more practical.