A new report released July 20th by ZipRealty indicates that the U.S. housing market is showing signs that the free fall seen in last 18 months may be leveling off. According to the report the number of single-family homes and condos listed for sale decreased in June from May by 2.1 percent, based on MLS reporting in 28 major cities. This marks the 12th consecutive month that ZipRealty has reported a drop in the number of Multiple Listing Service-listed homes. The median list price in the 28 markets increased to $270,440 in June from $270,027 in May.

California showed the most dramatic inventory declines, with Los Angeles showing a 53.9 percent decrease year-over-year while Bakersfield/Fresno tracked a 56.2 percent decrease. Because of the drop in inventory home sellers are now begging to see multiple bids on their homes, which is helping to bring up the median sale price and will eventually help turn the housing market upward.

We’ve already begun to see this effect in the South Bay where our recent listings in Manhattan Beach and Torrance received multiple offers within a week of public listing, resulting in quick sales at prices matching and exceeding seller expectations.

This entry was posted on Tuesday, July 21st, 2009 at 12:56 pm and is filed under US Housing Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.