Housing Inventory Data Points to Stabilization

The U.S. housing market is showing signs of stabilization. Emeryville, California-based ZipRealty reported a drop in the number of Multiple Listing Service-listed homes for the 12th consecutive month in June.

The number of single-family homes and condos listed for sale decreased in June from May by 2.1 percent, bringing the total number of active listings in 28 major U.S. markets to 696,858.

Additionally, the data released showed an increase in the median list price in the 28 markets to $270,440 in June from $270,027 in May. Despite the sequential increase the median list price still decreased 2.72 percent when compared to June 2008.

ZipRealty President and CEO Patrick Lashinsky, said in a statement: "If the number of home listings continue declining and buyer interest and activity remains strong, we should see sales prices and home values increase as we head into the fall."