Friday, May 9, 2008
More Homes Hit Market in April
See more data on housing inventory
The supply of homes available for sale in major metropolitan areas edged higher in April, new data show.
Total listings of homes in 29 metro areas at the end of April increased 1.3% from a month earlier, according to figures compiled by ZipRealty Inc., a real-estate-brokerage firm based in Emeryville, Calif. The data cover all listings of single-family homes, condos and town houses on local multiple-listing services in those 29 areas, where Zip operates.
Listings normally increase in April as sellers rush to catch the spring shopping season, the busiest period of the year for housing sales.
The inventory was up about 6% from April 2007 in the 18 metro areas for which Zip has comparable year-earlier data.
Though the inventory of unsold houses is no longer growing rapidly, it remains high in most of the country, and prices have been falling. Mortgage-investor Fannie Mae this week estimated the average home price will decline 7% to 9% this year, compared with an earlier projection of 5% to 7%.
There are signs lower prices -- particularly on foreclosed homes -- are starting to attract buyers in some markets, says Patrick Lashinsky, chief executive of ZipRealty. He said lenders have become more responsive to offers for homes facing foreclosure or already acquired by banks.
Home sales are generally weak, but there are a few signs of possible recovery. The Greater Las Vegas Association of Realtors reported this week that sales of single-family homes in southern Nevada totaled 1,794 in April, up 30% from the depressed year-earlier total. The median price was down 23% to about $236,000.
Write to James R. Hagerty at bob.hagerty@wsj.com
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