Rising For Sale Inventory Balances Market

After housing inventory hit low levels not seen in nearly ten years, HousingWire tells MHProNews national inventories rose by 5.82 percent in May over April, much better than last year’s increase for the same two months of 1.77 percent. In addition, the median list price rose 2.10 percent April to May 2013, significantly better than April to May 2012 of .48 percent. The increase in for sale inventory signals the beginning of a less heated market and a better balance between supply and demand. At the high end, Stockton-Lodi, Calif. and Sacramento led the growth of inventory, with 37.06 percent and 35.18 percent increase, respectively. Daytona Beach Fla. posted a 21.97 percent growth, and San Jose, Calif registered an increase of 17.27 percent. Steve Berkowitz, chief executive officer of Move, says, “We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market.”

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