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Housing Shows Stablization, Led By Strong Demand

The worst is over for the housing market, as low interest rates and strong demand are bringing stabilization to the pressured sector, said Patrick Lashinsky, President and CEO of ZipRealty.

“We’ve gotten supply better under control, new homebuilders aren’t putting as many homes on, we’ve got demand in a good place, [and] interest rates are in a good position,” Lashinsky told CNBC.

Home listings fell month over month in July, resulting from an increase in buyers, and from sellers taking their homes off the market because of consecutive price reductions. Inventory is down in several major cities, including a 6.5 percent decrease in Las Vegas and a 4.7 percent increase in Orlando, Lashinsky said. Both cities were among the hardest hit by the housing downturn.