ZipRealty Says Housing Inventories Are Down
The inventory of homes for sale in 28 major metropolitan areas served by ZipRealty Inc., was down 3.9 percent at the end of May.
The ZipRealty data is compiled from local multiple-listing services where the firm operates and doesn’t include New York City.
It also doesn’t include many of the foreclosed homes owned by banks.Compared with a year ago, the May inventory was down 24 percent.
Historically, inventories have been flat between April and May, according to Zelman & Associates research firm.Housing economist Thomas Lawler said the decline in inventory combined with slow housing starts "indicates that home prices in many parts of the country could be nearing a bottom."
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