Wednesday, June 13, 2012

Report: Housing Inventory declines 20.1% year-over-year in May

by Bill McBride on 6/13/2012 01:40:00 PM

From Realtor.com: May 2012 Real Estate Data

On the national level, inventory of for-sale single family homes, condominiums, townhouses and co-ops declined by -20.07% in May 2012 compared to a year ago, and declined in all but two of the 146 markets covered by REALTOR.com.

The median age of the inventory fell -9.78% on a year-over-year basis last month, and the median national list price increased 3.17% last month compared to May 2011.

Signs of recovery are evident in a growing number of markets that were once the epicenter of the housing crisis, and older industrialized areas in the Northeast and the Midwest are showing emerging signs of weaknesses. For example, the recovery process that began in Florida approximately one year ago has since spread to Phoenix and most recently California. At the same time, markets such as Reading, PA, Allentown, PA and Milwaukee, WI continue to lag behind the rest of the market.
Realtor.com also reports that inventory was up 2.0% from the April level.

The NAR is scheduled to report May existing home sales and inventory next week on Thursday, June 21st.

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