Home prices fall, but inventory levels improve
The national inventory of single-family homes, condos and townhomes declined 23.2% in January from a year earlier, as more markets benefited from an influx of investors and buyers looking for deals, Realtor.com said.
Of the 146 markets tracked by the website of the National Association of Realtors, 145 saw declining inventory levels. Still, the nation is in a stall when it comes to a recovery in home prices.
Realtor.com said the national median list price in n January fell to $185,500 from $188,000 in December and $189,248 last year.
Realtor.com believes January statistics show the housing market in a period of stabilization.
States like Florida, which was battered by the housing bust and foreclosure crisis, noted significant drops in for-sale inventory levels. Three Florida metropolitan areas — Fort Lauderdale, Orlando and Tampa-St. Petersburg-Clearwater — saw for-sale inventory levels drop more than 42% in January.
Springfield, Il., was the only market to see a year-over-year increase in for-sale inventory. However, New York, Philadelphia, Hartford, Conn., Syracuse, N.Y., and El Paso, Texas, only saw minor drops in inventory levels, suggesting the markets are still dealing with inventory overhang.