Inventory Continues To Rise
Inventory rose to a 2.8 month supply and the number of active listings grew to 4,300 in June. The average sale price of $226,000 was up 9% as competition for homes continued. Days on the market dropped to 53 days. And, the number of homes sold fell by 4% on tight supply.
GLAR President Allison Bartholomew said, "Our members are seeing a slight improvement in inventory of available properties, but move-in ready homes under $250k are still in very short supply with multiple offer situations still the norm. Financing is available to most borrowers and 30 year rates have been around a historical low of 4%."