Jul 16, 2013
Inventory is low — but may be hitting bottom
16 Jul 2013
Posted by Andrew Kantor
Low inventory has been a problem lately, and not just in Virginia. But the latest figures from Realtor.com show that, while inventory is still low, signs are showing that it may be bottoming.
According to the report, June inventory was 7.3 percent below what it was a year ago. But here’s the good news: We had been looking at much bigger declines. For example, February’s numbers were down 18.6 percent year to year.
So the inventory drop may be slowing. In fact, reports the Wall Street Journal,
Among the nation’s 30 largest markets, listings were above the levels of a year earlier in four places. All four of those markets had seen big inventory declines over the past two years.
Further, those numbers don’t take into account FSBOs and new construction, so the news could even be better.
Keep in mind that there isn’t enough of a long-term trend to say that this looks like a long-term trend, but it’s at least worthy of some cautious optimism.