WSJ: April Drop in Listings for Homes
The Wall Street Journal is reporting that the inventory of homes on the market in a number of U.S. cities fell in April. In 29 metropolitan areas (including DC), the “for sale” housing inventory dropped 3.6 percent since March, according to the paper.
In DC, the number of homes for sale dropped two percent in the last month. While the decline in inventory can be seen as a sign that the market is close to bottoming out, the possibility that many foreclosed properties will hit the market in the coming months is dampening expectations.
From the WSJ:
“Tom Lawler, a housing economist based in Leesburg, Va., says the decline in listings ‘suggests that the bottom in home prices is much closer than many pundits believe.’ He also notes that housing construction has plunged. But he cautions that it’s unclear how many foreclosed homes will go on the market in the months ahead.”
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