From Realtor Magazine Online, Daily Real Estate News August 14, 2008
ZipRealty Inc. says housing inventories in the 29 cities in which it does business have dropped 0.5 percent in July compared with June.
Zip attributes the decline to sellers pulling homes off the market.
In another report issued last week, Barclays Capital predicted the housing market will bottom out by year end in part because housing construction has fallen below the pace of population growth and price declines have made housing more affordable.
Here’s a partial list of the metro areas served by Zip and the percentage of inventory declines in those cities:
Boston: – 4.2
Chicago: +0.3
Dallas: -0.8
Houston: -1.3
Las Vegas: +0.6
Los Angeles: -2.4
Miami-Fort Lauderdale: -0.8
Minneapolis: -1.8
Orange County, Calif.: -1.6
Orlando: unchanged
Phoenix: +6.1
San Francisco Bay: -1.1
Sacramento, Calif.: +6.9
Seattle: +1.4
San Diego: -0.6
Tampa, Fla.: -0.5
Washington, D.C.: -2.6
All metro areas: -0.5
Source: The Wall Street Journal, James R. Hagerty (08/13/2008)
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