Home inventories of for-sale listings continue to fall, which may help raise overall housing prices as demand picks up.
Inventory of for-sale single-family homes, condos, townhouses, and co-ops dropped by 18.85 percent in April compared to a year ago, according to housing data of 146 metro markets tracked byÂ REALTOR.com.Â
â€œThese key indicators continue to suggest the housing market may be at a turning point and headed towards a broad-based recovery,â€ REALTOR.com notes in a release on its April housing data. â€œLower inventories, combined with faster moving markets and relatively stable median listing prices are indicative of the kind of balanced housing market that has not been seen in many years.â€
On a national basis, the median age of inventory dropped nearly 12 percent year-over-year. The median age of inventory dropped by the highest percentages in the following metro areas:Â
1. Oakland, Calif.
Median age of inventory: 20
Year-over-year drop: 54.54%
Median age of inventory: 41.08%
Year-over-year drop: 76
3. Fort Lauderdale, Fla.
Median age of inventory: 36.19%
Year-over-year drop: 67
4. Seattle-Bellevue-Everett, Wash.
Median age of inventory: 34.28%
Year-over-year drop: 46
5. Pensacola, Fla.
Median age of inventory: 33.33%
Year-over-year drop: 106
By Melissa Dittmann Tracey, REALTORÂ® Magazine Daily News