According to Inman News, housing inventory levels fell from April to May (down to 9.6 months) across the nation. Most people in the industry consider four to six-months supply of homes a good balance between supply and demand.Sales of existing homes were up 2.4 percent last month according to the NAR, and we have now seen for the first time since 2005 that sales have increased in two consecutive months.
“Distressed properties accounted for 33 percent of sales, down from 45 percent in April and just over half in March, but continue to “downwardly distort” the median home price,” the NAR said.
“In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment,” NAR Chief Economist Lawrence Yun said in a statement. “There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected.”
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