Newly released real estate records suggest that the housing market may be finally approaching normalcy, as inventory levels and home prices have trended in a direction that point toward recovery.
According to the National Association of Realtors' Real Estate Data Trends report for June, for-sale inventory - which includes single-family homes, condos, townhomes and co-ops - totaled 1.88 million, down nearly 20 percent year-over-year and almost 40 percent from the 3 million-plus units on the market five years ago.
Something else suggesting the market may have finally turned a corner is home price trends. Home appraisal statistics from NAR indicate that median list prices stood at $195,000 in June, which is up more than 2 percent at this time last year. Meanwhile, the average number of days in which homes stayed on the market dwindled to 84 days, down 9 percent on an annual basis.
The report further noted that of the 146 metro areas tracked, 101 of them saw list prices grow, save for Philadelphia and Shreveport, Louisiana. NAR says other cities could follow suit if consumer confidence dwindles.