By Dees Stribling | MHN Online
Realtor.com, which is part of the National Association of Realtors, reported the U.S. housing inventory recovery is broad and growing. Not only that, the net number of listings is still increasing, despite the fact that the summer season—when listings are at their highest—is nearly over. Month-over-month in August, the nationwide total was up 0.93 percent (though down 2.5 percent since last August).
While the national median list price didn’t change in August compared to July, price increases are becoming more widespread, according to NAR. More than 80 percent of the markets covered registered a year-over-year increase in median list price.
California markets continue to dominate the list of areas experiencing the largest year-over-year median list price increases, despite the surge in new property listings that has occurred in most of these markets. Also, Detroit, Phoenix, Reno and Las Vegas are still among the strongest markets in terms of rising prices since last year. By contrast, a number of smaller industrialized markets in the Midwest and the Northeast aren’t doing as well, and several major Florida markets are showing signs of re-emerging weakness.
