July Inventory Nearly 20 Percent Below Last Year

Since Realtor.com began keeping record of monthly for-sale inventory in 2007, the number of homes on the market has fallen nearly 40 percent. In fact, the total number of homes for sale across the country in July was 1.866 million units, a historic low and a 19.25 percent drop from one year ago. Falling inventory is usually a positive sign that housing is in recovery, as fewer homes for sale means rising prices and less time on the market. In July, the median number of days on the market among houses for sale was 88 days, 9.27 percent below last year. According to the report, the decline is consistent with other data showing significant improvement in market conditions compared to one year ago. More here.

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