Housing inventory rises in July

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Inventory of U.S. homes for sale rose 1.41 percent in July from June and was down 5.27 percent from July 2012, marking the second consecutive month that year-over-year inventory percentage declines were in the single digits, according to a realtor.com report released today.

The median list price of homes for sale remained unchanged from June at $199,900, and homes took 6.25 percent longer to sell in July than in the previous month, the report showed.

“The recovery is entering a new phase where inventory shortfalls are no longer the driving force behind changes in housing prices in many markets,” said Steve Berkowitz, CEO of realtor.com operator Move Inc., in a statement. “Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers’ choices and helping to moderate price increases.”

Source: realtor.com