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Inventory Improves; Sales, Prices Rise Higher

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The average Days on Market for all homes sold in July was just 62, three days lower than the average of 65 in June, but 18 days lower than the 80-day average in July 2012. The 62- day average in July marked the 14th consecutive month with an average below 90. The low Days on Market average is the direct result of few homes for sale and high buyer demand. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed.

July was the 4th month in a row that inventory levels decreased by a smaller amount. The number of homes for sale in July was just 1.3 percent lower than the inventory in June, while still 20.7 percent below the inventory in July 2012. There were actually 18 metro areas reporting increases in available inventory from June, an early sign that low inventory levels are beginning to stabilize and rise. Extremely low Months Supply figures remain in some key markets.

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