Get the feeling that a trend has developed. The cities of San Diego and Boston are seeing their housing inventory drop. They have been a couple of the hardest hit cities in the country for value decline and also the earliest to feel the downward pressure by the slowing market.
Now these cities are seeing their inventory of unsold homes drop. The biggest increases in inventory are the pure speculator markets that have lost their speculators, Miami, Las Vegas, Orlando. The combination of speculators leaving these markets and builders continuing to add inventory will plague these cities for the near term.
Zip monitors 18 metro-area markets from all four regions of the country. For the 12 months ended July 31, only Boston and San Diego showed drops. Boston’s inventory fell 5.8 percent and San Diego’s dropped 2.1 percent. The average for the 18 cities was a 19 percent increase in homes on the market, a total of 810,566.
In contrast, Seattle inventory has exploded, up 56 percent to 32,647 in the past 12 months. Other big increases were recorded in Miami (34 percent to 77,055), Orlando (34 percent to 34,900), Las Vegas (33 percent to 28,905), Baltimore (31 percent to 9,601) and Chicago (26 percent to 82,622).via CNN Money
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