Although inventory appears to be sparse, Zillow reports that nationwide sales jumped in May 11.8% year-over-year and were up 4.3% from April. Los Angeles sales increased 12.7% from the prior year.
The perception paradox is that most of the inventory gains were in the middle and top one-third of home values; first-time buyers looking in lower-priced areas are still shut out.
Read the article in RE-Insider.