Realtor.com’s June National Housing Trend Report revealed both year-over-year median list prices and month-over-month inventories increased significantly in key California markets.
The national increase in median list price stayed 5.27% higher than year-ago numbers. The national median age of inventory rose by just one day to 80 days in June compared to 79 days last month.
"Inventories on realtor.com reached their highest level in June since the beginning of 2013. We’re seeing increases as high as 51% month-over-month in many southern California markets," said Steve Berkowitz, chief executive officer of Move.
He added, "Sellers are continuing to list homes at a steady pace into late June, which moves us past the traditional home buying season, as mortgage interest rates continue to rise. These are all signs that the market recovery is continuing at a healthy pace."
Housing inventories throughout the U.S. rose by 4.26% over last month to 1.9 million homes. Median list prices were just 0.45% above May prices in June at $199,900. Even though inventory has grown for the past six months, it was down by 7.29% year-over-year in June.
California markets saw a large growth in inventory, with Orange County and Los Angeles-Long Beach leading the list at a 51.54% and 45.69% increase month-over-month.
Three California markets also made the top ten in median list price increases.