…The low inventory phenomenon continued
through the Brooklyn spring market in 2013,
driving the price indicators higher. Listing
inventory hit the record low second quarter at
4,704, down 18.5% from the same period last
year. This was also the third lowest quarterly
inventory total in the five years we have been
tracking this metric. The number of sales
declined by 6.7% to 1,855 from the prior
year quarter, restrained by limited supply. As
inventory fell faster than sales, the pace of the
market accelerated. The monthly absorption
rate, defined as the number of months it took
to sell all listing inventory at the current pace
of sales, fell to 7.6 months from 8.7 months in
the prior-year quarter…