Massachusetts Home Buyer Guide

The number of homes listed for sale across the U.S. increased by 4.3 percent in June to 1.9 million homes, the highest level in the last year, Realtor.com reported July 15, 2013. 

Nationally, the number of homes listed for sale stood 7.3 percent below year ago levels; however, the year-over-year decline stood at 18.6 percent in February 2013. June was the sixth straight month real estate inventories rose. 

Boston homeowners didn't get the memo. The number of homes for sale in June in the Boston real estate market stood 35.1 percent below the number on the market in June 2012.

Among the nation’s 30 largest markets, home listings were above the levels of a year earlier in four locations. Housing inventory was up by 11 percent in Sacramento, Calif.; by 10.9 percent in Atlanta; by 6.2 percent in Phoenix; and by 2.2 percent in Miami. The inventory environment is better than the national average for home buyers in five other cities, including Los Angeles, Philadelphia, Baltimore, Chicago, and Charlotte, N.C.

Boston isn't the only place where real estate inventory remains extremely tight. Denver's inventory is 30.1 percent below last year, and Detroit has 25.7 percent fewer homes for sale. Seattle's inventory is down 23.2 percent, and San Francisco has 21.7 less inventory compared to June 2012.

The lack of inventory has resulted in higher prices nationwide. The median asking prices for home increased 0.5 percent in June from the previous month, and by 5 percent from one year ago. Twenty-seven of the top 30 metro areas posted annual gains in median price. Boston Area home prices increased 8.1 percent in April compared to April 2012, according to the Case-Shiller Home Price Index. Statewide, the Massachusetts Association of Realtors reported last month an 8.7 percent increase in the median price of single-family homes in May compared to May 2012. 

The Realtor.com figures include homes for sale from more than 800 multiple-listing services across the United States. The data does not cover all homes for sale, including homes that are “for sale by owner” and new construction homes that aren’t always listed on the multiple listing services.