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Clayton DSNews_2013_1_final 5/13/13 12:55 PM Page 1 ANSWERS ARE WHY CLIENTS COME TO US "What's your success rate with no-contact borrowers?" "ARE THESE LOANS SECURITIZABLE?" "Do you perform foreclosure reviews?" "Can we rely on our counterparties?" 877.291.5301 www.clayton.com DUE DILIGENCE SURVEILLANCE C O N S U LT I N G S TA F F I N G C O M M E R C I A L A D V I S O RY REO & SHORT SALE SOLUTIONS I N T E R N AT I O N A L © 2013 Clayton Holdings LLC All Rights Reserved 74 REPORT: STEADY PRICES, RISING INVENTORY REFLECT SEASONAL TRENDS Prices rose and inventory declined in July on an annual basis, according to the State of the Real Estate Market report released last month by Movoto Real Estate. On a monthly basis, however, inventory increased and list price remained the same, signifying the market is reaching equilibrium, according to Movoto. "The fact that the list price has not increased on a month-over-month basis indicates that the inventory supply is starting to catch up with demand," Movoto said. The company also said the steady list price from June to July is to be expected based on historical data. "[T]he fact that prices did not increase from June to July is seasonal," Movoto explained. The list price for both June and July was $181 per square foot across the 38 major cities Movoto tracks. Before July, the list price had increased consecutively for six months. The 4 percent increase in inventory from June to July was also not surprising, according to Movoto. It "is to be expected as we enter the busy part of the homebuying season," the company said. Annually, home prices increased 14.9 percent in July, while inventory declined 16 percent. The cities with the greatest price increases in Movoto's survey were Sacramento, California (64.5 percent); Phoenix, Arizona (39.6 percent); and Mesa, Arizona (32.6 percent). Only two of the 38 cities Movoto tracks experienced price declines over the year: New Orleans (-2.2 percent), and Chicago (-1.3 percent). Inventory declined in 32 of the 38 cities with the greatest decreases taking place in Detroit (-45 percent); Sacramento, California (-44 percent); and Boston (-43.5 percent). Las Vegas was the greatest outlier with a 23.3 percent increase in homes on the market compared to last year. Despite the increase, list price per square foot increased 24.1 percent in Sin City. STAT INSIGHT 16% Distressed sales share nationwide in June, the lowest level since May 2008. Source: CoreLogic