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July 28, 2014

Inventory of For-Sale Homes Continues to Plummet

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Inventory of For-Sale Homes Continues to Plummet

Inventory of for-sale single-family homes, condos, townhouses, and co-ops dropped more than 19 percent in June compared to a year ago, REALTOR.com reports in its analysis of 146 markets nationwide.

Of the 146 markets across the U.S. that REALTOR.com analyzed, only three markets did not see inventory levels fall year-over-year, including Denver, Philadelphia, and Shreveport-Bossier City, La. 

Meanwhile, the median national list price rose 2.68 percent in June compared to June 2011, REALTOR.com reports. 

“Low inventories, combined with steadily rising list prices are positive signs that the overall market is gaining traction and is entering a recovery mode,” REALTOR.com noted in a statement on the housing data. 

California cities are seeing the largest drops in inventory levels, and the tightened supply of homes for-sale is sparking higher demand among home buyers. The following markets posted the largest inventory drops in June compared to June 2011, according to the REALTOR.com housing data: 

  1. Oakland, Calif.: -57.92%
  2. Fresno, Calif.: -49.10%
  3. Bakersfield, Calif.: -47.37%
  4. Seattle-Bellevue-Everett, Wash.: -42.85%
  5. San Jose, Calif.: -41.98%
  6. San Francisco, Calif.: -39.68%
  7. Phoenix-Mesa, Ariz.: -39.50%
  8. Stockton-Lodi, Calif.: -38.92%
  9. Riverside-San Bernardino, Calif.: -38.08%
  10. Atlanta, Ga.: -37.92%
  11. Sacramento, Calif.: -35.95%
  12. Pueblo, Colo.: -34.59%

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

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