As homeowners hold back from selling, home prices are benefiting, according to a report from Redfin, which tracked home prices in 19 U.S. markets.
While prices remained flat month-over-month (-0.1 percent) from June to July, Redfin found prices rose 3.2 percent from July 2011 to July 2012.However, the number of homes for sale fell 28.1 percent during the same one-year period and also declined 5 percent from June.
According to Redfin, the biggest challenge the housing market is facing is selection, and the problem will persist until the end of the year. read more
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