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Daily Real Estate News | July 6, 2007
Number of Unsold Homes Increases
ZipRealty Inc. reports a 2.5-percent jump in the number of homes for sale in 18 major metropolitan areas in June compared to the prior month.
The biggest gain of 9.2 percent was recorded in Seattle, while inventory was up 6.5 percent in the San Francisco Bay area and nearly 6 percent in Baltimore.
In Florida, inventory rose almost 2 percent in Orlando; while Miami recorded a modest gain and Tampa a slight decline. Experts point out that listings tend to rise in June and that ongoing increases in inventory could lead to drops in single-family and condominium prices in certain markets.
Vienna, Va.-based housing economist Thomas Lawler expects a 7-percent drop in the S&P/Case-Shiller home-price index for the year, noting that the housing market probably will not enter a slow recovery period until the middle of next year.
Source: Wall Street Journal, James R. Hagerty (07/05/07)
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