The number of homes on the market continues to become a shrinking pool. Inventory of for-sale single-family homes, condos, townhomes, and co-ops dropped 20 percent in May compared to year-ago levels, according to data from REALTOR.com of 146 markets.
While inventories were on the decline, the median national list price was on the rise, inching up 3.17 percent in May compared to May 2011.
“These key indicators continue to suggest that the housing market is steadily moving along a path of stabilization and gradual recovery,” Realtor.com notes. Please provide comments about your market area.
Source: Melissa Dittmann Tracey, REALTOR® Magazine, REALTOR.com