The nation experienced a 5.24% decline in housing inventory this July. At the same time, the national median listing price increased by 5.27%.
“The recovery is entering a new phase where inventory shortfalls are no longer the driving force behind changes inhousing prices in many markets. 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,” said Steve Berkowitz, CEO of Move, Inc. “This month’s report also underscores the uneven nature of the housing recovery and its dependence on the strength of the local economy.”
This new trend boasts the following highlights:
No More Year-Over-Year Inventory Declines
Local Markets Inventory Declines Decrease Leading to Slower Price Growth