Posted on Monday, December 13, 2010
A new report from ZipRealty shows the supply of homes for sale in November declined by an average of 3.78 percent in 26 major metropolitan areas that the company researched.
The Emeryville, California-based ZipRealty, Inc, measures inventory from month to month and also compiles quarterly results of the information. The report covers single family homes, condos, and townhomes.
The largest declines were seen in Austin, Texas with 9.5 percent and Boston, Massachusetts with 10 percent.
Declines could be indicative of sellers deciding to take their homes off the market, and could also be a result of foreclosure moratoriums, which have not yet ended in all states. And historically low mortgage rates could have some more eager to buy before rates edge up again.
Despite the declines, inventory was still an average of 11.6 percent higher than it was during the month of November in 2009.
In Houston, Texas, the average for November was 22 percent higher than it was last year. In Los Angeles and Las Vegas, those numbers were 38.1 percent and 48.3
DS News Joy Leopold