New York sees moderate decrease in housing inventory, WSJ report shows

Supply is down in 28 different major metropolitan housing markets, according to the Wall Street Journal’s quarterly report on residential sales, with the New York City market showing the least amount of change in inventory. The number of homes listed for sale dropped just 2.5 percent in New York City since last quarter, according to the report. Long Island and Queens, listed as separate from the New York City market in the report, saw a 10.8 percent decline in inventory since the same quarter last year. Although all markets evaluated showed declines, the report said that there is major potential for inventory to creep back up, as banks acquire more foreclosed homes in the coming months.