Industry NewsMarkets & Economy

For-sale inventory, days on market higher in June

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Listings inventories increased in 17 of 26 markets tracked by Altos Research & Real IQ during June, while average days on market was up in 19 of 26 markets, the companies said. Los Angeles and San Diego saw the largest jumps in inventory -- 8.7 percent and 6.1 percent,  respectively -- and Miami had the slowest rate of turnover with an average of 154 days on market. Among other highlights of the Real-Time Housing Market Update, asking prices declined in only 11 of 26 markets. The largest monthly drop in asking prices occurred in Las Vegas, with a 3.6 decline during June. Prices in Las Vegas fell by 7.2 percent over the past three months, an annualized rate of more than 28 percent, the report said. Prices increased in 15 of 26 markets, with Denver leading the way with a 2.6 percent increase in June. Asking prices are up 6.4 percent in Denver over the past three months. Average Days on Market MSA April May June Pct...