National housing inventory continues year-over-year climb

Posted on 05/29/14 No Comments

713RushingFalls_front

713 Rushing Falls Place is a home for sale in Fuquay-Varina, NC.

Whew! This is good news.

One of the industry’s heaviest anchors seems to be lightening up a bit. News this week that the inventory of available existing homes has increased is helping real estate professionals, as well as lenders, breathe a bit easier.

Even though we have in Raleigh, Durham, Cary and Apex collectively one of the nation’s healthiest housing markets, having more homes go on sale can be a great help. Sales beget sales. As more homes hit the market, buyers become more active. Additionally, momentum builds and banks find reason to lend more, especially to builders who help create product variety.

Realtor.com’s® national trend report showed housing inventory climbed by 14.2 percent over this time last year. Median asking price, according to the same survey, climbed by 6.5 percent. The year to year increase indicates that the recent jump in available homes for sale can’t be attributed only to a slower than expected start to 2014. Additionally, the number of distressed property sales continues to decline.

 

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