WSJ. com – By Nick Timiraos
Inventories of homes listed for sale in February rose by 0.5% from January, to 1.78 million, marking the first increase in nine months.Still, for-sale listings were 22% below their year-earlier levels and still near their lowest point since the housing bust deepened five years ago, according to the data from Realtor.com.
Housing inventories tend to rise as the spring-buying season gets under way, and they rose in February from the previous month in 86 of 145 markets, with gains of more than 5% in Philadelphia and Austin, Texas.
In many housing markets fewer homes for sale means less competition for sellers, possibly leading to properties with multiple bids.
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