While buyer demand is picking up, many consumers increasingly are finding fewer choices in housing these days. The number of homes for sale continues to remain at record lows with the nationwide inventory of for-sale single-family homes, condos, townhomes, and co-ops is about 19 percent below inventory levels from a year ago, Realtor.com reports in its analysis of July housing data of 146 markets.
“Low inventories, combined with rising list prices and lower times on market, are positive signs that the overall market is in a stabilization mode,” Realtor.com reports.
Median asking prices were 2.63 percent above list prices in July, and the median age of the housing inventory has fallen about 9 percent in that time period, Realtor.com reports.
California cities have seen some of the largest drops in inventory levels in the past year, as well as some of the largest price increases.
13 Metros With Largest Inventory Drops
The following metro areas have seen the largest drops in inventories of for-sale homes in the past year (July 2012 compared to July 2011):
1. Oakland, Calif.: -59.30 percent
2. Fresno, Calif.: -47.81 percent
3. Bakersfield, Calif: -44.71 percent
4. Seattle-Bellevue-Everett, Wash.: -42.23 percent
5. San Jose, Calif.: -41.76 percent
6. San Francisco, Calif.: -40.26 percent
7. Stockton-Lodi, Calif.: -40.24 percent
8. Riverside-San Bernardino, Calif.: -40.03 percent
9. Atlanta, Ga.: -38.27 percent
10. Sacramento, Calif: -36.43 percent
11. Santa Barbara-Santa Maria-Lompoc, Calif.: -34.89 percent
12. San Diego, Calif.: -34.55 percent
13. Phoenix-Mesa, Ariz.: -34.37 percent
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News