Housing Inventory Declining
At least it is in Northwest Arkansas. Prices are falling as well:
Northwest Arkansas also saw a sharper decline in sale prices, dropping 10.4 percent in Benton County and 6.3 percent in Washington County from the year-ago period.
Nationally, though, the news keeps getting uglier:
The [absolute level] of inventory continues to fall, down 29.9% y/y, but because sales are falling even faster the months supply is still rising, up to 13.3 in Jan from 12.2 in Dec. This will keep [prices] falling for the rest of this year at least.
“If Americans are worried they won’t have a job next month, next quarter, or next year, you’ve got a real problem,” Larson said. “It doesn’t matter if mortgage rates are 3% or 8%. People just aren’t going to buy many houses.”