Housing inventory increased in July, good sign for market
Posted on Wednesday, August 14, 2013 at 11:12:02 AM
The housing inventory increased slightly for the month of July, according to recent data released from Realtor.com.
On a month-over-month level, the inventory was 1.41 percent higher for July than June, albeit down from the same period in 2012. Despite the year-over-year drop, the recent increases are a good sign for the housing market.
Residential financing is still helping buyers afford the ideal home, and the market is moving fast. Nearly every market reported by Realtor.com witnessed a year-over-year decline in inventory age, and nationally the age is 17 percent lower than 2012.
"The recovery is entering a new phase where inventory shortfalls are no longer the driving force behind changes in housing prices in many markets," said CEO of Move, Inc Steve Berkowitz. "Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers' choices and helping to moderate price increases."
Buyers have options thanks to residential financing, and one priority is move-in ready condition, according to the News & Observer.
Jason Graves, real estate agent with North Carolina-area Triangle Real Estate Group, stated to the news source that his clients are still nervous about the market, and the condition of the home is still very important.
Given the monthly gains for inventory, buyers may soon have a larger selection and less pressure to close fast.