For-sale Home Inventory Falls

In its July analysis of housing data for 16 markets, realtormag reports housing inventories, including single-family, townhomes, condos, and co-ops are 19 percent below a year ago as for sale homes remain at record lows. “Low inventories, combined with rising list prices and lower times on market, are positive signs that the overall market is in a stabilization mode,” notes the magazine, as median asking prices hit 2.63 percent above list prices in July. In addition, housing inventory median age has dropped nine percent in that same time frame. MHProNews has learned of the ten metro areas registering the largest drops in inventories from July 2011 to July 2012, eight are in California. The top five, with their respective inventory changes are: Oakland, CA -59.30%; Fresno, CA -47.81%; Bakersfield, CA -44.71; Seattle-Bellevue-Everett, WA, -42.23%; and San Jose, CA -41.76%.

(Photo credit: mortgagebroker)

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