Re/Max, First American surveys show higher prices don’t equate to inventory rise

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The overall inventory of homes for sale in the U.S. rose in May; however, two reports describe a market that is still underperforming in comparison to historical norms. According to Re/Max’s National Housing Report, the inventory of homes for sale increased by 0.4 percent in comparison to April. The average days on the market for a home stood at 64 days, only a two-day reduction when compared to May of last year. Inventory in the 53 metros surveyed by the report are still 11.7 percent below the level of one year ago. Several metros are still reporting less than a two-month supply of inventory: Denver (1 month) San Francisco (1 month) Seattle (1.5 months) Dallas-Fort Worth (1.7 months) Portland, Oregon (1.7 months) Boston (1.8 months) Omaha, Nebraska (1.8 months) San Diego (1.9 months) Matching Re/Max’s findings, First American’s Existing-Home Sales Capacity (EHS-C) model increased by 0.3 percent in May when compared to April. The model gauges whethe...