Falling inventories
On a national basis, listed inventory was down 20.4% in May, compared with May 2011, according to recent statistics from the National Association of Realtors. There’s a 6.6-month supply of homes, given the current pace of sales. Read more: Sales of U.S. existing homes fall 1.5% in May.
In some local areas, however, the plunge has been much steeper.
The inventory of homes for sale in King County, where Seattle resides, was down 43.8% in May, compared with a year ago, according to Redfin, a national brokerage based in Seattle. In the District of Columbia, inventory was down 34.2% over the year. Inventories were down 37.9% in Sacramento County, Calif., 34.3% in Maricopa County, Ariz., where Phoenix is located, and a whopping 54.9% in Orange County, Calif.
Housing inventory plunges in some places - MarketWatch
On a national basis, listed inventory was down 20.4% in May, compared with May 2011, according to recent statistics from the National Association of Realtors. There’s a 6.6-month supply of homes, given the current pace of sales. Read more: Sales of U.S. existing homes fall 1.5% in May.
In some local areas, however, the plunge has been much steeper.
The inventory of homes for sale in King County, where Seattle resides, was down 43.8% in May, compared with a year ago, according to Redfin, a national brokerage based in Seattle. In the District of Columbia, inventory was down 34.2% over the year. Inventories were down 37.9% in Sacramento County, Calif., 34.3% in Maricopa County, Ariz., where Phoenix is located, and a whopping 54.9% in Orange County, Calif.
Housing inventory plunges in some places - MarketWatch