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Friday, April 12, 2013

Report: Housing Inventory declines 15% year-over-year in March

by Calculated Risk on 4/12/2013 11:17:00 AM

From March data indicates that the amount of homes on the market showed a modest increase since February 2013

In March, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. (1,529,432) increased by 2.36 percent month-over-month. On an annual basis, however, inventory decreased by 15.22 percent.

The median age of inventory of for sale listings fell to 78 days in March, down 20.41 percent from February and 12.35 percent below the median age one year ago (March 2012).

California continues to lead the list ... with largest year-over-year decline in for-sale inventories. Seattle is the only market outside of California in the top 10, and experienced a decline of 40.17 percent in for-sale inventories year-over-year. The 10 markets with the largest year-over-year declines in inventory are Stockton-Lodi, Sacramento, Orange County, Oakland, San Jose, Los Angeles-Long Beach, Ventura, San Diego, Riverside-San Bernardino and Seattle. Of the 146 markets monitors, only nine experienced an increase in for-sale inventory.
Note: reports the average number of listings in a month, whereas the NAR uses an end-of-month estimate.

Inventory decreased year-over-year in 134 of the 146 markets tracks,  and inventory decreased by 20% or more year-over-year in 55 markets.

The NAR is scheduled to report March existing home sales and inventory on Monday, April 22nd.