According to Realtor.com's National Housing Trend Report for the month of July 2013, the nation experienced a 5.24% decline in housing inventory in a year-over-year comparison; however it was an increase of 1.41% in a month-over-month comparison. What does this mean? Simply that while we have seen significant rebounding in the housing industry over the last year, we are now seeing that slow down as it finds balance. Out of all of the variables that make up housing market pricing, it is most likely the dramatic increase in mortgage rates that have led to the turnaround in inventory. While it is easy to take this as a negative, one must remember that lack of inventory poses its own problems, and that the best thing for sustainable business is balance.
Here are some of other National Highlights:
·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.
Author:Kim Guest Phone: 864-918-0066 Dated: August 21st 2013 Views: 549 About Kim: ...
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
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