The Real Deal Miami

Condo Vultures: Housing inventory dip likely caused by tax credit rush

November 04, 2009 03:48PM

South Florida’s residential resale inventory dropped below 70,000 during the week ended Nov. 2, crossing a seemingly elusive threshold, Condo Vultures said. The latest survey by the Bal Harbour-based consultancy showed a 1.1 percent decline for the week, with 69,342 single-family houses, townhouses, and condominium units on the resale market. Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy, said the drop was likely an anomaly related to concerns that the $8,000 federal tax credit for first time home buyers would expire. Last week, the firm recorded a rare increase in inventory. [Condo Vultures]