Housing Inventories Decline Slightly in May

Housing inventories in major metropolitan areas declined 0.3 percent in May, according to figures compiled by ZipRealty Inc. The data covers residential listings in local multiple-listing services in the 29 areas where Zip operates. The decline confirms that the supply of homes on the market is no longer soaring, although it remains above the four- or five-month level typical at the beginning of this decade. One in seven of the homes for sale are owned by financial institutions, according to an estimate from First American CoreLogic.

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