Regular readers know that I've been keeping a running tally of inventory for sale in my zip code since June 2005. I use Realtor.com to ask every few days how many properties with at least 2 bedrooms and 2 bathrooms are for sale between $100,000 and $500,000. When I began this exercise, I got 150 "hits." It has been climbing steadily ever since and just this week, it set a new high of 695. I believe what we're seeing is the continuing "March of the Re-Listers
," a phenomenon I've discussed several times here.
Regarding the national market, the next major reports we get are the National Association of Home Builders' optimism index for April (today at 1 p.m.) and March housing starts (tomorrow
at 8:30 a.m.)