Getting Graphic is a semi-sort-of-irregular collection of our favorite BIG real estate-related chart(s).

Source: WSJ

The story of late in the housing market has been the surge of inventory over the past year and a half. Inventory has nearly doubled in most parts of the country, from record lows to record highs. However, in the third quarter, inventory in Manhattan leveled off and in Long Island, inventory nearly leveled off, after 6 quarters of sharp increases. Nationally, inventory appeared to level off in October, but there is evidence that this drop in inventory was merely a statistical anomaly [Big Picture].

However, a survey compiled by ZipRealty suggests that inventory in 18 metro areas [REJ] is leveling off. Inventory was down modestly in October from September, but still remains well above last year.

Of course, this could be considered a blip, but because October tends to see an increase in inventory as sellers try to get their homes sold before the holiday season, it makes the argument that we may be seeing early signs of reaching the end of the housing market erosion. Of course, this is a very recent trend and it only covers these metro areas, but still, its something to consider.

However, these figures don’t suggest that housing prices will begin to rise. Perhaps there is something about metro areas that make them different than suburban or rural markets, making them more likely to recover first? Still looking for clues.

Click here for all the graphics in the survey [REJ].

4 Responses to “[Getting Graphic] Fewer For Sale Signs On The Lawn (or Sidewalks)”

  1. Here in Minnesota inventories always drop in November, and so do prices. It is a seasonal thing. It picks up again in about February. The number of buyers also drops this time of year also. They come back in about March.

  2. Jonathan J. Miller says:

    Interesting – thats certainly logical. However, both nationally and in the New York region, inventory levels climbed last winter so it will be interesting to see if November shows the same thing rise again this year. I suspect it won’t.

  3. Doug Quance says:

    We had another 1000 homes added to the inventory level in the Atlanta area last week (+1.1%) although the monthly trend is down .7%.

    With over 95,000 homes for sale (Miami being the only market with more) you would think that Atlanta would make that list…

    The median list price has finally fallen .4% – I knew it would, sooner or later.

  4. skep-tic says:

    inventory plateauing at 15 yr high because sellers haven’t gotten the price message.

    lots of hidden inventory waiting for the spring rebound predicted by realtors.

    only way this glut is going to be cleared is through big price cuts