The big story in housing is actually two stories (which are related):
- Rising Listing Prices
- Shrinking Inventory
Each month, The National Association of Realtors® (NAR) tracks assorted listing data in 146 markets nationwide. The two story trends noted above include:
- More than 75 percent of the 146 markets tracked by NAR had an increase in listing in June 2012 when compared to June 2011
- Just 18.5 percent of the markets posted a year-over-year listing price decline
- The average median listing price in the U.S. increase 2.68 percent year-over-year
- The number of listings nationwide dropped 19.35 percent in the past 12 months
- Just 3 markets posted an increase in the number of listings
As inventory continues to retract and rents rise, home values will climb as will listing prices.
The bottom line is that prices are going up.