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