National Surge in Inventory and Home Sales Echoed in Southern California
Posted August 5, 2014
While the Southern California housing market has had its share of good seasons and bad seasons in the years since the great recession, on the national level the housing market has remained mostly on the “bad-season” side of things. That is, until now, according to the National Association of REALTORS®, which has just reported that inventory levels of available homes and home sales have gone up substantially in June.
In its monthly report on the state of home sales and inventory across the United States, NAR has indicated that sales of previously owned homes, which make up the bulk of the housing market, hit their highest level since October in June. Helping to drive these home sales is a supply of homes that NAR reports is the highest it has been in more than a year.
In June there were 5.04 million homes sold in the U.S., which is the most since October 2013, but still down by 2.3 percent from one year ago. This is still promising, however, as last year’s bulk of home sales were still seeing a large number of foreclosures and homes in distress, which have since become a much smaller part of the market.
“Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country,” said Lawrence Yun, chief economist for NAR, in a statement. “This bodes well for rising home sales in the upcoming months as consumers are provided with more choices.”
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