Despite National Decline, Distressed Cities See Inventory Increases
While gross house listings in major US markets continued its run of month-over-month decreases, listings in some of the markets hit hardest by the housing downturn saw an increase, according to Emeryville, Calif.-based real estate brokerage ZipRealty’s (ZIPR) survey of housing inventory. The number of listings in 27 major US markets declined 2.42% from October to November. The 579,413 multiple listing service (MLS) listings in the markets is down 27.64% from November 2008. It’s the 17th straight month that gross listings for all markets declined month-over-month. Boston experienced the greatest month-over-month decrease at 8.5%, followed by Minneapolis-St. Paul (6%), Washington, D.C. (5%), Denver (4.4%) and Chicago (4%). San Diego led all markets with a 53.7% year-over-year inventory decline, followed by Los Angeles (53.7%), San Francisco Bay area (51.8%), Las Vegas (51%) and Phoenix (40.7%). But some distressed markets experienced month-over-month listing increases in November, including Tucson (2.6%), Las Vegas (1.3%) and Orlando (0.6%). It was the first inventory increase in Las Vegas in 12 months, when listings increased 1.86% month-over-month between October and November 2008. Write to Austin Kilgore.