For-Sale Housing Inventories Shrink to New Lows

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 17, 2011

Nationwide, 2.19 million homes were listed for sale at the end of September, a drop of 20 percent compared to a year earlier, and marking the lowest level on record since REALTOR.com began tracking housing inventory data in 2007.

All 146 markets that REALTOR.com tracks saw housing inventory fall year-over-year, except for Denver and El Paso, Texas. Listings were down by 49 percent in Miami, 48 percent in Phoenix, and 46 percent in Orlando, Fla.

But while reduced inventories usually help lift prices, in the current real estate market, housing prices are staying flat or declining. That’s because demand remains soft, housing experts say. 

Real estate professionals told The Wall Street Journal that inventories are shrinking because some home sellers have decided to take their homes off the market instead of trying to sell at a steep discount. Banks are also moving more slowly at repossessing foreclosures, which has reduced the supply of foreclosed properties on the market — albeit a temporary decrease, many experts note. 

"The inventory is low, so it's hard for buyers to find their dream home," Joan Downing, a  real estate professional in the Detroit area of Bloomfield Hills, Mich., told The Wall Street Journal. "That's been our challenge more than anything: finding the inventory for the clients. Nobody's complaining about the pricing or the interest rates."

Source: “Slim Pickings Are Latest Headache for Home Sales,” The Wall Street Journal (Oct. 17, 2011)

To view online:
Low housing Inventories article

What is your Home worth?

This past Sunday, the Philadelphia Inquirer featured an informative article for both homeowner's and potential buyers. It outlined the median home prices and the number of properties sold throughout the Philadelphia region and the Jersey Shore from April 1, 2005 through June 30, 2011.


The link below takes you to a pretty cool interactive map on Philly.com. You click on the area to learn if the area has decreased or increased in home prices and the number of properties sold. 


Interactive Map


I think it's important for people to understand that the media focuses on the economy as a whole. After seeing this map, it became evident to me that our metro area, in general, has not experience significant loss in values compared to a lot of the country. 


I suggest you play around with the map. Whether you are looking to buy or sell (or just curious!), I think it will provide some quality information for you!


If you would like a personal report on your homes value, please feel free to contact me directly. I can provide an analysis on your specific home. kskneeland@gmail.com

@KSKRealEstate, 10/12/11 11:39 AM

Kelly Kneeland (@KSKRealEstate) 10/12/11 11:39 AM top reason why mortgage applications are rejected http://t.co/4jYjDMuS

Kelly Kneeland

484-343-2406

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