Inventory Glut: L.A. Housing Inventory Growing at Rapid Pace

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Things you can learn from listening to Bob Brinker on KABC while driving your mother-in-law to the airport: the backlog of unsold houses in Los Angeles is growing much more rapidly than in other cities. In fact, Bob reported to me, L.A.’s inventory of homes for sale grew by 10% in May, and only two cities had a faster-growing inventory. Thanks, Bob.

I noodled around the Web when I got home and found this on Seeking Alpha: ‘The number of homes listed for sale in 18 major U.S. metropolitan areas at the end of May was up 5.1% from April, according to figures compiled by ZipRealty.... Some of the biggest inventory increases last month came in the metro areas of Seattle, up 12% from April; San Francisco, 11%; Los Angeles, 10%; and Washington, D.C., 9%.’

More: ‘The sizable increase is notable because, on a national basis, inventories of listed homes have typically been little changed in May during the past two decades, according to Credit Suisse Group.’

Comments? Thoughts? E-mail story tips to lalandblog@yahoo.com

Photo Credit: Reuters