According to a late April report by the National Association of REALTORS (NAR), housing inventories are up, making this spring an opportune buyers' market. Existing homes sales were down 2 percent from February. NAR is projecting a seasonally adjusted annual rate of 4.93 million housing units sold for 2008. Existing-home sales include single family homes, townhomes, condos, and co-ops.

Higher sales were seen in the Northeast and West regions, while sales slowed in the Midwest and South. NAR reports that the sales slowdown is greater in high cost areas. According to Lawrence Yunn, NAR chief economist, "Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets." Yun exhorted the Federal Reserve to maintain rates and proceed cautiously with additional rate cuts.

Good news on the mortgage front as Freddie Mac reported the national average 30-year, conventional, fixed-rate mortgage at 5.97 percent in March, down from the 6.16 percent reported in March 2007. Total housing inventory in March was reported at 4.06 million existing homes for sale. This represents a 9.9-month supply.

Several areas from around the country are actually reporting price increases including Des Moines, Iowa; Austin, Texas; and Durham, North Carolina.

Markets across the country have larger inventories to choose from, and a many great homes are available at very reasonable prices. Factor in the recent interest rates drop over the last several months, and we have one of the best buyers markets in recent history. Since many experts believe that interest rates will rise over the next year, now is a great time to lock in today's low interest rates and save on your next purchase. Home buyers who take advantage of these low rates can save tens of thousands of dollars over the life of their loan!