In the markets that matter, listings are now running relatively flat year-over-year. Each month, we painstakingly compile listings in the major markets of the country. As shown in the green and dotted line in the chart below, listings are now approximately the same as they were one year ago. They tend to be declining in the worst markets in the country (like Florida and California, where they are declining from very high levels) and rising in the recently distressed areas such as Texas and the Carolinas. The NAR data, which presumably covers the entire country although they don't share their sample size, showed a slight decline in May following a sharp increase in April. Our data does not cover the same exact geography as the NAR data, but we are confident that our trends are indicative of what is happening with resale supply in major metros across the country. Our grading system of the economy and the housing market is a "bell curve" model, with statistics at an ...
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