Thursday, July 5, 2007

Home Inventories Continue to Grow

From the WSJ:

Total listings of homes in these metro areas at the end of June was up 2.5% from May, according to figures compiled by ZipRealty Inc., a national real-estate brokerage firm based in Emeryville, Calif. The data cover all listings of single-family homes, condominiums and town houses on local multiple-listing services in those areas.

This is almost becoming comical -- if it wasn't so serious. The inventory of existing homes on the market is at a historical absolute high in terms of total units on the market. Yet the number of homes for sale continues to grow. At some point, prices will have to give and it won't be pretty.