June’s sales reports, released by the Massachusetts Association of
Realtors and The Warren Group, should pretty much squash any lingering
optimism about a 2007 recovery.
Oddly, though, inventories of homes for sale have shrunk
dramatically, which isn’t what you’d expect in a downswing. Houses on
the market have dropped from a year’s supply early this year to just
7.5 months’ supply currently.
Some agents and analysts suggested that supply may be shrinking
because so many prospective sellers have decided to sit this market out.