The number of homes listed for sale continued to decline in July, falling by 1.2 percent from June and nearly 18 percent from one year ago, according to the Wall Street Journal's blog.
Data from Realtor.com show that there were 2.31 million homes listed for sale at the end of July. That is the lowest level for July since the series began in 2007. Inventories tend to decline in July as the spring sales rush gives way to summer vacations. Zelman & Associates, a research firm, says July listings have typically fallen by 0.8 percent from June over the past 28 years.
The Realtor.com figures include sale listings from more than 900 multiple-listing services across the country.
Since 2007, inventory has only been lower in five months: the first four months of this year, and in January 2010. Housing demand has been weaker than expected for most of the year, and new worries about the strength of the U.S. economy could push the market into another stall.
For more information: http://blogs.wsj.com/developments/2011/08/17/report-housing-inventory-fell-18-in-july/
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development