Nation’s housing inventories fall to 4-year low

The number of homes listed for sale fell for the fifth straight month in October, hitting the lowest level in more than four years, The Wall Street Journal reports. The 2.12 million homes listed for sale in October was down by 3.5% from September and down by 21% from one year ago, according to data compiled by Realtor.com. The Realtor.com figures include sale listings from more than 900 multiple-listing services across the country. They don’t include all homes for sale; those that are “for sale by owner” and other properties that aren’t marketed through multiple-listing services are not taken into account. Inventories typically rise by around 0.8% in October from September, according to Zelman & Associates, a research firm. But they have been falling for several months amid a slowdown in foreclosures by banks and as home sellers, frustrated by low-ball offers, hold their properties from the market. The National Association of Realtors also reported a decline in the number of homes on the market. At the end of October, total housing inventory fell 2.2% to 3.33 million homes, the lowest level of the year. Read the rest of the Real Estate Weekly newsletter here.