'Your papers, please' must never be heard in America
Not long ago, the Washington region was suffering from an oversupply of unsold homes. That number has dropped dramatically in recent years -- too far, according to Holly Worthington.
Home sales in the Washington metro area were up 14 percent in 2011. They were also down by 8 percent.
As expected, sales were slower in July than they were in June. This happens every year.
There's a dearth of inventory in most price ranges," said Ms. Worthington, managing broker of Long & Foster's Chevy Chase and Woodley Park offices. "We would have more sales now if we had enough inventory."
"With a bit more inventory, we would be able to satisfy the demand from the homebuyers right now," Ms. Worthington said. "But with new housing starts down as well, low inventory could be a problem for some years to come."
