The national inventory of homes for sale in February tumbled 22 precent from the same period a year ago, according to a report released today by the National Association of Realtors. The decline held true in all but two — Springfield, Ill. and Philadelphia — of the 146 markets tracked in the report.
On a month-to-month basis, the number of for-sale listings increased 0.5 percent as the calendar approaches the traditionally strong spring buying season. Still, national inventory is near all-time lows.
On a positive note, the average asking price of those listings increased 6.82 percent in the trailing 12 months to $188,000, a 1.34 percent gain since January. Further, the average age of the inventory fell 9.76 percent since February 2012.
In the New York City market, the number of for-sale listings fell just 0.18 percent on a year-over-year basis, placing it immediately behind the two markets where inventory rose. The inventory increase was 2.16 percent on a monthly basis. The average prices of listings in the city rose 3.73 percent on a yearly basis to $389,000 and the average listing sat on the market for 106 days, down 13.11 percent from the same month a year prior. — Adam Fusfeld