US Housing Inventory Falls 2.8%: ZipRealty
Listings of single-family homes and condominiums declined an average 2.82% across 27 major US metropolitan markets in October, according to data compiled by Web-based real estate brokerage ZipRealty (ZIPR). The 593,794 total homes for sale in the 27 markets in October 2009 are down from 611,026 in September and represent an inventory 28.65% lower than that in October 2008. National inventory has declined month-over-month for 16 straight months, ZipRealty said. Locally, Phoenix and Tucson experienced 4% and 2% increases in inventory, respectively, on a month-over-month basis. Markets that experienced declines include Las Vegas (5.8%), Minneapolis (5.3%) and Chicago and Seattle (5% each). West coast markets experienced the largest year-over-year declines in home inventory. Los Angeles led the way with a 56.3% decline, followed by San Diego (55.1%), San Francisco Bay Area (51.1%) and Las Vegas (50.7%). Write to Austin Kilgore.