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Inventory Continues to Drop – Two Weeks in a Row – Is the worst over?

June 5, 2008
Square Feet: Santa Clara County inventory drops for a second week: Fluke or trend?

MLS-generated stats, as sent to me by a couple of sources:
Total number of single-family houses for sale today in Santa Clara County: 5,468
Last Tuesday: 5,551
Condos for sale today: 1,821
Last Tuesday: 1,827

There were 338 new sales of houses and condos in the week ending May 30, down from 420 in the previous week. But last week had Memorial Day in it, so there would naturally be fewer sales initiated in a week with a holiday.

I keep hearing about the worst being over – and the numbers seem to be verifying that.

What do you think? Have we hit bottom?

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