Low Housing Inventory Spur Multiple Offers

If there is a really nice home for sale, that has been updated, and is priced right...look to see mulitiple offers, and a quick sale. Homes listed in the $100 - $300,000 range like this, are selling very rapidly, and many are attracting mulitiple offers. One home recently drew 6 offers, and wound up selling at $50,000 over listing price. The inventory of homes meeting this description is less than 2 months supply. A normal inventory would be 6 months. This low inventory, and ever increasing supply of buyers, is putting pressure on prices.