The number of existing single-family homes and condominiums listed for sale in 18 cities rose 3.8% from January to February, according to data from ZipRealty Inc., an Emeryville, Calif.-based real estate brokerage with offices in 15 states and the District of Columbia.
Zip reports that there were 651,259 homes on the market at the end of February, up from 627,104 in January. Markets with the largest increases included Los Angeles, which saw inventory rise 8% to 83,181; Minneapolis, up 6.6% to 25,008; Las Vegas, up 6.2% to 22.693; Miami, up 5.8% to 71,354; San Francisco, up 5.4% to 21,672; and Sacramento, up 4.3% to 29,854.
Year over year comparisons for all 18 markets where Zip operates are not possible due to incomplete data for certain markets last year. For 15 of the markets, the rise in homes for sale between February and the same month last year was 36%.
Zip, which also keeps track of pricing, reports that in most markets, the percentage of homes upon which prices had been reduced actually fell slightly. Markets where the percentage of homes with reduced prices increased included Tampa, Phoenix, Orlando and Miami.
Learn more about markets featured in this article: Washington, DC.