Top 10 metros with largest drop in for-sale inventory in July

Editor’s note: These numbers come from’s July 2012 Real Estate Trend Data Report. The report covers 146 U.S. metros and includes single-family homes, condos, townhomes and co-ops.

The number of for-sale real estate listings continued to drop on an annual basis in July, falling 19.3 percent from July 2011 to a total of 1.87 million listings nationwide, according to data through July 2012. This trend, along with a 2.6 percent year-over-year median list price increase last month to $194,900, points to some stability in the nascent housing recovery that’s slowly settled in this year.

The nationwide median age of inventory, down 9.3 percent from a year ago, climbed four days from June to 88 days, mirroring previous years’ trends of increases toward the end of the spring buying season.

Data point Percent change, July 2011 to July 2012 July 2012 value
Number of listings -19.3% 1.87 million
Median age of inventory (days) -9.3% 88
Median list price +2.6% $194,900


Though the nationwide median list price dipped slightly in July to $194,900 from June’s $195,000 (a 2012 high), its monthly value has held fairly steady for the last two years after sliding precipitously from a high of $250,000 in 2007, when first started keeping track.

July’s data, like June’s, further solidifies a geographical recovery trend. The inventory drop and simultaneous median list price jump that occurred in Florida during the last half of 2011 has shifted to California (and Seattle and Atlanta) in the first half of this year. These areas account for eight of the 10 metros to see the sharpest year-over-year inventory drops (by percentage) last month.

By Inman News
DRE #00598428
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed

“Fewer properties for sale with such remarkably low interest rates make it a great time to buy and not a bad time to sell”