Area home buyers may have a few less options in the coming months.
According to reports from Genesee and Oakland counties, home listings have declined by about 8 percent during the first few months of this year, compared to the same period in 2007.
The local trend mirrors a nationwide housing inventory report by Lawrence Yun, a chief economist and senior vice-president of research for the National Association of Realtors, who spoke on market trends and forecasts at a recent real estate brokers summit in Dearborn.
‘This is typically one of the first signs that a market has hit rock bottom and is beginning to go up,? said Yun in his speech earlier this year.
Local realtors were quick to confirm Yun’s positive forecast.
‘I agree,? said Sharon Williams, owner of Real Estate One Professionals, Ortonville, regarding homes in Oakland County. ‘About the first of March we picked up in sales, it’s the best we’ve had in about three years. It’s a big positive. Still, it’s going to take several years to bounce back, but Yun is right on the money.?
In Genesee County, local realtor Jeff Dawley said the drop in inventory should spark a supply and demand effect on the housing market.
‘All the home foreclosures needed to be absorbed in the market and sold,? said Dawley. ‘Once that supply of homes declines, that will boost some of these prices. Either way, it’s still going to take some time before prices level out. Right now there’s lots of great buys out there.?