Jun 12 2008
Real Estate Housing Inventory Drops, Slightly in May
In the real estate sector, the number of homes on the market is a direct relation to the strength of the market. A good amount of inventory is important, but when the housing market begins to see a large inventory, which it has over the last twelve months, it takes longer to sell a home and prices are likely to drop.
In recent information released, there is evidence that the huge housing inventory may be dropping some, as a small decline was seen in some major metropolitan areas in the month of May. Total property listings in 29 metro areas dropped 0.3 percent from the beginning of the month.
According to the National Association of Realtors, the number of homes on the market is a supply large enough to last 10.7 months at the current rate of sale. This is the highest inventory level since 1985.
This was reported by the Wall Street Journal. You can read more about the facts and figures at the article, Housing Supply Declined in May.
