Housing Glut Seems to Be Escalating
17 May 2007 - 1:00pm
Some markets have experienced a dramatic increase in housing listings, according to a report by ZipRealty, a California real estate broker.
In Los Angeles, inventory has more than tripled since July, 2005, as it has in Miami since October 2005. In Phoenix, there were 50,062 homes for sale during April, compared with 11,656 in July, 2005 for more than a three-fold jump... The once remarkably hot Las Vegas metro market, for example, now has more than double the number of homes on the market - 26,243 compared with 13,238 - than it did in September, 2005, when the local housing market was near its peak.
Full Story:
Housing glut: From bad to worse
Source:
CNN Money, May 16, 2007
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Misleading numbers...
At least in the case of Los Angeles, this article is highly distorting. There are not too many houses on the market per se, but too many houses that people cannot afford. The city is actually going through historic housing shortage crisis. These homes start at $600,000, completely out of reach even for firefighters, nurses, and young professionals. Last year, the city gained 37,000 new people, but added only 10,000 new units - most of which are luxury condos.
To read more about this situation, there's a great article at LA City Beat.
The Numbers Are The Numbers
The LA metro numbers if anything underreport the housing stock for sale. New construction is usually not included the figures for instance. That LA city added 10,000 new units is roughly on track for 37,000 new residents. LA city currently averages just under 3 persons per dwelling unit.
If your thesis were correct then we should be seeing the exact opposite of what is being reported. It is in fact the less expensive houses that are seeing the largest drop in sales.