Home Supply Fell Over Past Year

The supply of homes available for sale in 18 major metropolitan areas in June was down 2.4% from a year earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif.
The data cover listings of single-family homes, condominiums and town houses on local multiple-listing services in those areas. It was the first decline for the 18 markets since Zip began collecting the inventory data in mid-2006.
Zip said inventory totals in June were about even with those a month earlier in the 18 metro areas.
Though the supply of homes listed for sale has leveled off after soaring in recent years, it remains plentiful. Nationwide, about 4.5 million previously occupied homes were listed for sale at the end of May, according to the National Association of Realtors. That is enough to last nearly 11 months at the current sales rate, the trade group says. The market is considered roughly in balance between supply and demand when the inventory is enough to last around six months...more