I sorted the zips by % change over last year. As you can see, the relatively expensive zips where prices haven't fallen as much are lagging behind. Their inventory is still growing.
Friday, July 11, 2008
July 2008 Inventory by Zip
This is the first month that I have comparable year over year inventory data (from ZipRealty). Looks like we are almost 16% below last year at this point, but we are also 7.7% above last month. So this means sales have slowed or listings have picked up, or a bit of both.
I sorted the zips by % change over last year. As you can see, the relatively expensive zips where prices haven't fallen as much are lagging behind. Their inventory is still growing.
I sorted the zips by % change over last year. As you can see, the relatively expensive zips where prices haven't fallen as much are lagging behind. Their inventory is still growing.
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5 comments:
Sales have actually increased and Zip's increase in listings MOM doesn't match Sac Real Stats - depending on which week they looked, though.
Interesting that 6 zips were up double digits, but 31 down double digits in inventory.
Look at Erin's Lyon charts and its interesting that sales are almost 3x 1 year ago stats.
All (90%) of the sales action is below $400K while, like you say, inventory is slower above.
It would be interesting to see how low the # months inventory is under $400K. Very.
My bad... pendings are almost 3x a year ago.
It's unsurprising that the lower end is improving before the higher end.
Rather than an inventory 'explosion' during the spring/summer as many here prognosticated, the reverse occurred -- inventory steadily dropped. As compared with last year at this time, prices have declined substantially, existing home inventory has dropped markedly, and new home construction has plummeted. Like it or not (and many here don't), the market is healing.
Are we done yet? Unlikely, but we are much closer to the bottom than to the top.
Mystere,
If you call incresing foreclosures, declining price slide, and major banks going out of business "healing", then we are in for a revival--Amen Brother
What I called healing is adequately described in my post above. Reading comprehension FTW...
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