Markets & Economy stats show surge in listings from May to June

Demand remains strong in face of rising list prices

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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% Source: 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...