What Do Housing Inventory Declines Say About the Market?

Housing inventory declined yet again in March, and real estate analysts are debating its implications for the wider housing market.
Based on the latest numbers from the National Association of Realtors (NAR), inventory declined from 2.40 million in February to 2.37 million in March, which is a 21.8 percent decline from March 2011 and a 3 percent increase from March 2005, the last month of “normal” inventory levels before the housing boom began to subside.
Writing about the inventory declines on his blog, Bill McBride dubbed the decreases “a significant story over ...

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