The inventory of vacant homes for sale got even tighter in the second quarter—with their asking price ticking up $900 compared to the first quarter, according to a new government report.
The Census Bureau reported Friday that 1.6 homes vacant homes were listed for sale as of June 30, down 3% from the first quarter and 18.6% from a year ago.
Realtors have been complaining there is not enough inventory to meet homebuyer and investor demand, but it should be good news for homebuilders now that this overhang of vacant, previously owned homes and REO on the market has retreated to 2006 levels.
The median asking prices for these vacant homes rose to $134,600 in the second quarter from $133,700 in the first quarter. It was the first increase since the second quarter of 2011 when the median asking price was $138,400.
The Census Bureau report also shows the U.S. homeownership rate increased to 65.5% in the second quarter, compared to 65.4% in 1Q. A year ago the rate was higher at 65.9%.
