Housing Inventory Improves
Housing inventory might be down in June, but in comparison to the start of 2013, there has been an improvement in year-over-year inventory levels. In fact, the inventory of for-sale homes has improved 5.3 percentage points year-to-date because a 17.5 percent shortfall was seen in January compared with a 12.2 percent drop in June. The spring selling season has eased some of the inventory shortages. The report shows that the improved annual inventory level is evident in 70 metros. While inventory is expected to remain below year-ago levels for the foreseeable future, Zillow’s chief economist posits that “a corner has been turned.”
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