|Home Prices Stabilize, Inventory a Major Factor|
|Home prices stopped declining in May, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. National average home prices have declined each month since the beginning of 2010, but that trend ended as prices increased to an average of $214,000, based on the three-month moving average for all properties. That was up 1.9% from April and close to levels last seen in April 2010.
Inventory shortages due to wary potential sellers and delays in foreclosure processing are playing a major factor in the home-price stabilization. Distressed properties continue to account for an outsized portion of home sales and have driven down home prices in recent years. However, agents across the country report that inventory levels for quality homes are low, increasing demand and balancing the high proportion of distressed properties.
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