Need more proof the Manhattan housing market’s unique?
While inventory here dropped in the first quarter of 2007, inventory in markets like Los Angeles and Washington, D.C., increased. In the quarter ending March 31 in Manhattan, the inventory of unsold homes on the market was down 0.2 percent from the quarter before, according to appraisal firm Miller Samuel. (It was also down more than 14 percent from the first quarter of 2006.)
In other markets, though, inventory went up–sometimes by a lot–during recent months. The Wall Street Journal reports that inventory in Los Angeles was up 12.8 percent from February through March, and, in the San Francisco Bay Area, it was up 12.2 percent. In fact, the inventories of unsold homes in 18 major metropolitan areas, not including New York, was up 6.5 percent in March from a month earlier.
– Tom Acitelli