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Housing Inventory Rises in August, But Not in DC

  • September 8th 2010

by Mark Wellborn

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Data out from ZipRealty shows that the inventory of homes on the market in metropolitan areas across the country increased at the end of August compared to the end of July. However in DC, inventory actually dropped 1.2 percent during that period.

While the increase in inventory nationally (0.4%) was notably less than a typical August increase of two percent, the current inventory will still take over a year to clear at the current sales pace, according to The Wall Street Journal:

The less-than-average gain in inventories is troubling, nonetheless, because demand has fallen sharply since the tax credit to spur sales expired earlier this year. At the current pace, it would take 12.5 months to clear the backlog of unsold homes, according to the National Association of Realtors.

Despite the fact that there was a dip in inventory in August, there were still 36,270 homes listed across the DC Metro area. Yet many buyers in DC proper are lamenting the lack of quality choices that have been available in recent months.

See other articles related to: home buying, housing inventory

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/housing_inventory_rises_in_august_but_not_in_dc/2450.

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