Housing Inventories Fall to New 4-Year Low in October

“The number of homes listed for sale fell for the fifth straight month in October, hitting the lowest level in more than four years. The 2.12 million homes listed for sale in October was down by 3.5 percent from September and down by 21 percent from one year ago, according to data compiled by Realtor.com,” wrote Nick Timiraos in his Wall Street Journal blog. It’s worth reading the rest of the article here.

So as we know, the old saying in real estate, “Location, Location, Location” is still true now. Therefore while the national statistics are encouraging, it would be important to know what is going on with the absorption of unsold inventory in the local markets. The numbers for the 90-day cycle of June-November 2011 will be updated at months end and you can go here to request more information.