The number of homes for sale nationwide fell for the eighth-straight month in January and is now 23.2 percent below last year’s levels. According to data from Realtor.com, inventory dropped 6.59 percent from the month before which, along with stabilizing prices, is a positive sign for the housing market. Inventory fell in 145 of 146 markets tracked and the average age of the for-sale housing stock has also fallen. Median list prices, though down month-over-month, are still nearly 4.0 percent above year ago levels and recent dips could be due to seasonal factors. Decreasing inventory levels and stabilizing prices, along with gains in the labor market and low mortgage rates, are positive indicators that housing will continue to improve and recover this year, according to the report. More here.
