Tuesday, July 17, 2012

Report: Housing Inventory declines 19.4% year-over-year in June

by Bill McBride on 7/17/2012 06:00:00 AM

From Realtor.com: June 2012 Real Estate Data

The total US for-sale inventory of single family homes, condos, townhomes and co-ops (SFH/CTHCOPS) remained at historic lows with 1.88 million units for sale in June, down -19% compared to a year ago, and -39% below its peak of 3.10 million units in September, 2007 when Realtor.com began monitoring these markets.

The median age of the inventory dropped to 84 days, which is down -9.67% on an annual basis.

With some notable exceptions, the majority of housing markets showed signs of continued improvement in June. On a year-over-year basis, the for-sale inventory declined in all but 2 (Shreveport, LA and Philadelphia, PA) of the 146 markets covered by Realtor.com, while list prices increased in 101 markets, held steady in 26 markets, and declined in just 19 markets. This pattern is in stark contrast to trends observed in June 2011, when median list prices were down -1% or more on an annual basis in 79 of the 146 markets covered by Realtor.com.
Realtor.com also reports that inventory was up 0.5% from the May level.

The NAR is scheduled to report June existing home sales and inventory this Thursday, July 19th.