Easter has come and gone. Inventory for single family homes rose in January, February and March. As I prepare to capture the data for April what can we expect. With out seeing the number I foresee a flattening as some sellers will give up and wait for the fall. This can be a mistake as we think we may not see the spikes of buying but rather more flat line continued interest as buyers hunt for bargins.
Don't mistake one or two months where inventory is flat or drops with a market recovery. The true recovery will be when we are in a downward trending inventory say over a 6-12 month period. But in this trough is where buyers will get the best deals and we could very well be there now and especially in some segements of the market. More on this when I pull this months data.
Michael Polly - Vice President Denny Grimes & Company