· Inventory declines decrease in local markets. In July 2013, the number of markets with decreases in year-over-year inventory declined from 125 markets in June to 118 markets in July. This suggests that this fall, inventories in some markets may return to levels of a year ago and may continue to slow price increases in some markets.
· Markets are still moving fast. All but five markets are continuing to experience year-over-year declines in age of inventory and on a month-over-month basis. On a national level, housing inventory is approximately 17 percent below last year, but the national age of inventory increased 6.25 percent month-over-month.
· Price declines decrease in local markets. Median listing prices are now negative year-over-year in only 31 markets, which is down from 36 in June.
A growing number of markets are experiencing year-over-year increases in for-sale inventories. For example, for-sale inventory was up by one or more percent on a year-over-year basis in 25 markets in July compared to just seven markets in April.
For more information, visit www.realtor.com, and www.move.com.
