Home listings decline in July

The number of homes listed for sale continued to decline in July, falling by 1.2 percent from June and nearly 18 percent from one year ago, according to the Wall Street Journal's blog.

Data from Realtor.com show that there were 2.31 million homes listed for sale at the end of July. That is the lowest level for July since the series began in 2007. Inventories tend to decline in July as the spring sales rush gives way to summer vacations. Zelman & Associates, a research firm, says July listings have typically fallen by 0.8 percent from June over the past 28 years.

The Realtor.com figures include sale listings from more than 900 multiple-listing services across the country.

Since 2007, inventory has only been lower in five months: the first four months of this year, and in January 2010. Housing demand has been weaker than expected for most of the year, and new worries about the strength of the U.S. economy could push the market into another stall.

For more information: http://blogs.wsj.com/developments/2011/08/17/report-housing-inventory-fell-18-in-july/