Buying a home might have been difficult recently, due to a high demand and a lower supply. Over the past several months the number of listed homes for sale is growing toward the normal levels expected.
A recent report by Realtor.com showed that its home inventory reached the highest level in over a year, up 4.3 percent in June to 1.9 million homes. The property data, released in July, illustrated a growing economy and housing market. The positive trends show that the supply might finally be equalizing with the demand, something that would alleviate the problem that many potential home buyers have faced in recent times.
Changes in the housing market
As buyers scour the market for new homes listings, the report states that on the whole, sales are keeping pace with new additions. The median age of these properties increased by only one day in June, and year-over-year list prices and inventories increased together. The average price for homes is 5.27 percent higher than last year, but the increased amount of homes for sale have had a somewhat calming effect on those numbers.
Therefore, roughly 1.93 million listings were posted in June, according to Realtor.com. Despite the fact that this is a 7.29 percent decrease compared to last year, but is still a 4.26 percent rise from May. This shows growth in the housing market, and the median list price is only 0.45 percent higher than last month, at $199,900.
However, the economy still has had an effect on home sales, and many markets are in flux because of this. The greatest home inventory increase occurred in Dayton-Springfield, Ohio, as recent real estate records shows growth of 17.6 percent, Realtor.com stated.
Data from the National Association of Realtors said that nearly 40 percent of all existing homes were sold in the South in the beginning of 2013. In April, the region accounted for close to 2 million sales, almost 20 percent more than the next closest part of the U.S. - the West at 1.2 million homes sold. Reasons for the greater increase here has been attributed to an increased population and the largest number of housing units and owner-occupied homes. The South is also historically more affordable than other areas of the country.
Other locations that have grown in home inventory are parts of Texas, Louisiana and California, according to Realtor.com. Changes could be attributed to house-price appreciation, and the number of homes for sale are down in areas where prices haven't made gains, while its improving in sections where they have.