More homes being listed for sale expand buyers' choices and
may help to moderate price increases.
More homes are coming on the market, which is a good sign
for buyers.
In July, the inventory of homes for sale nationwide was only
down 5.2% from a year ago, Realtor.com says.
That's an improvement from January, when for sale
inventories were down 16% from the year before, according to Realtor.com.
More markets are also seeing inventories grow.
The for-sale inventory was up year-over-year in 25 markets
in July, compared to just seven in April, Realtor.com says.
Three of those were Riverside, Calif., where inventories
were up 26% year over year; Atlanta, up almost 18%; and Sacramento, Calif., up
almost 17%.
All three cities have seen rapid price appreciation in the
past year, in part because of super tight inventories.
"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," says Steve Berkowitz,
CEO of Move, which operates Realtor.com.
The national median list price increased 5.3% in July year
over year, Realtor.com says.
Home prices were up 11.9% in June year over year, according
to the latest data from market researcher CoreLogic.
The supply of homes for sale in June changed only a little.
In June, the supply stood at 5.2 months, the National
Association of Realtors says, up from 5 months in May.
That means at June's sales pace, all homes would sell in
that time frame if no new inventory was added.
Inventory conditions will continue to broadly favor sellers
for months and contribute to above normal price growth, the National
Association of Realtors has said.
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