Housing Inventory Rises in July

Inman News

14 August 2013

Inventory of U.S. homes for sale rose 1.41 percent from June and was down 5.27 percent from July 2012, marking the second consecutive month that year-over-year inventory percentage declines were in the single digits, according to a realtor.com report released today.

The median list price of homes for sale remained unchanged from June at $199,900, and homes took 6.25 percent longer to sell in July than in the previous month, the report showed.

“The recovery is entering a new phase where inventory shortfalls are no longer the driving force behind changes in housing prices in many markets,” said Steve Berkowitz, CEO of realtor.com operator Move Inc., in a statement. ”Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers’ choices and helping to moderate price increases.”

Source:  Realtor.com