The real estate
There are still markets with severe shortages of properties for sale. In Los Angeles, the year-over-year decline in inventory for June was 42%, but that was a 1.2 percentage point improvement from January’s numbers.
But the worst shortage nationwide was seen in Las Vegas, where there were 55.2% fewer listings this June when compared to last. Plus there was a 21.8 percentage point decline from January in listings.
Chicago’s year-over-year decline in listings was 30.8%, compared with 18.5% for January year-over-year.
On the other hand, the year-over-year decline in Phoenix in June was just 3.2% and that was 31.9% better than the year-over-year decline in January.
Zillow chief economist Stan Humphries said, “Inventory will likely remain below year-ago levels for a while yet, as builders ramp up capacity and sellers wait to squeeze every drop of equity from their home before listing. But a corner has been turned. Going forward, as this new supply makes its way to market, we expect the pace of home value appreciation to slow down from unsustainably high annual levels of 5% or above to more moderate levels closer to historic norms of 3% or 4%.”
