Housing inventories in 29 major metropolitan areas declined 1.6 percent in October compared to levels in September, according to figures compiled by ZipRealty Inc.
Typically home inventories rise in October compared with September, increasing an average of 1.1 percent, says research firm Zelman & Associates.
The number of homes for sale in the 29 metro areas where ZipRealty does business was down 9.3 percent from a year earlier, the company says. This figure doesn’t include foreclosed properties not included in the multiple-listing services.
The data also doesn’t include New York City. Appraisal firm Miller Samuel Inc. says the October inventory there was up 6.3 percent from September and up 37 percent compared with October 2007.
Source: The Wall Street Journal, James R. Hagerty (11/11/08)
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