The News: Nationally, inventories are down which means properties are selling and the market is less stagnant. That's great news if you are trying to sell a home. Of course, here in Texas, we've been able to do that all along--but even our local buyers have lacked confidence in the real estate market. Progress!
Housing Inventories Fall in 29 Major Markets
The inventory of existing homes for sale in 29 major markets covered by ZipRealty declined an average of 2.5 percent in January 2009, compared to December 2008 and down 13 percent compared to January 2008.
This is a good sign, especially when considering that typically inventories rise in January after the holidays. In the last 25 years, the average increase in inventory in January has been 8.7 percent, according to Ivy Zelman, CEO of research firm Zelman & Associates.
Housing-market analysis Altos Research reached similar conclusions, saying that the listings in its 10-city composite index declined 3.3 percent in January compared to December 2008.
This data doesn’t include New York City, where appraisal firm Miller Samuel Inc. reports that inventories were at the highest level in the last decade, up 6 percent from December and 36 percent from January 2008.
Source: The Wall Street Journal, James Hagerty (02/10/2009)