The number of homes on the market surged by 8.65 percent from May to June, but still remained slightly below levels seen a year ago, reports.

Home sales likely crested sometime in July, but the market should hold strong into August and September, Chief Economist Jonathan Smoke told Inman News.

  June 2014 Change from a year ago
Change from May 2014
Number of listings 1.9 million -0.92% 8.65%
Median age of inventory 76 days -5.00% -2.56%
Median list price $215,000 7.55% 0.05%


In recent years, home sales had started off strong in the first part of the year but had weakened in the third quarter, Smoke said. The strong June stats indicate a hardier market, less susceptible to the volatility seen in recent years, he said.

Low inventory is still the limiting factor in many markets, Smoke said. But rising prices haven’t dampened demand, as illustrated by the drop in monthly and annual median age of’s inventory to 76 days in June. That, coupled with the surge in inventory, leads Smoke to think that 2014 housing market’s best days were still ahead in June.

“All the data points support favorable sales over the next couple months,” Smoke said. This data includes talk that mortgage rates will rise next year, making now a relatively appealing time to buy, and an improving economy that puts more money in potential homebuyers’ hands, he said.

Top 10 markets with greatest annual increase in inventory, May 2014

Market Change from year ago Number of listings
Lakeland-Winter Haven, Fla. 36.7% 4,240
Ventura, Calif. 34.4% 3,191
Phoenix-Mesa, Ariz. 31.4% 21,922
Boise City, Idaho 29.6% 4,326
Fresno, Calif. 27.6% 2,854
Oakland, Calif. 27.4% 3,792
Riverside-San Bernardino, Calif. 27.2% 20,425
Tampa-St. Petersburg-Clearwater, Fla. 27.0% 20,874
Bakersfield, Calif. 26.5% 2,684
Boston-Worchester-Lawrence-Lowell-Brockton, Mass.-N.H. 22.6% 22,249


Top 10 markets with the greatest annual decrease in inventory, May 2014

Market Change from year ago
Number of listings
Stockton-Lodi, Calif. -44.1% 1,287
Sacramento, Calif. -30.2% 6,442
Birmingham, Ala. -26.8% 6,792
Columbus, Ohio -20.8% 9,845
Wichita, Kan. -19.9% 2,721
San Francisco -18.3% 2,522
Akron, Ohio -17.5% 3,690
Oklahoma City, Okla. -17.0% 5,673
Cincinnati -17.0% 9,216
Pueblo, Colo. -15.0% 869


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