Buyers in the tightest U.S. housing markets finally got what they’ve been looking for: inventory. But instead of sales surging as a result, they’re sinking.
In Salt Lake City, where listings jumped 53 percent in March from a year earlier, transactions fell 21 percent, the biggest drop in the country, according to a report from brokerage Redfin Corp. Utah’s capital was followed by Los Angeles, Las Vegas and Orange County, California, all previously hot markets where inventory has been rising.
