The inventory of unsold homes on the market in 17 metro areas fell 1.4% in October, according to ZipRealty, Inc., the Emeryville, Calif.-based real estate brokerage.
However, inventory remained up 17.72% in October, 2007 from the same month last year. All but two markets, Miami and Phoenix, posted declines, and the increases in those two cities were relatively minor at 0.9% and 0.8% respectively.
Among the individual markets, inventory was down 1.2% in Baltimore to 10,247, 26.9% above last year; down 3.3% in Boston to 41,255, down 5.6% from last October; down 2.2% in Chicago to 81,016, 19.2% above last year; down 1.3% in Dallas to 46,475, with no comparison available to last year; down 1.8% in Houston to 38,639, but up 13.1% from 2006; down 3.3% in Las Vegas to 29,499, an increase of 29.3% from last October; down 1.1% in Los Angeles to 110,469, up 22.6% from last year; up 0.9% in Miami to 79,840, up 24.3% from 2006; down 4.2% in Minneapolis to 30,561, up 10% from last year; down 2.3% in Orange County to 18,393, up 16.4% from 2006; down 0.2% in Orlando to 35,278, up 22.4% from last October; up 0.8% in Phoenix to 54,962, up 22.1% from last year; down 2.7% in the San Francisco Bay Area to 36,729, a 27.2% year-over-year increase; down 2.2% in Sacramento to 39,296, up 13.2% from last year; down 2.7% in Seattle to 34,901, a 44.9% increase over October, 2006; down 3.% in San Diego to 20,269, up 5.5% from this time last year; down 0.4% in Tampa to 58,395, up 10.1% from October '06; and down 2.8% in Washington, D.C. To 51,374, a 10.4% increase from last year.
Zip has added 13 markets to its mix but does not yet have enough data to compare them directly to the existing 17. On a September to October comparison, however, among these markets, inventory in Atlanta was down 1.2% to 138,746; up 0.1% in Austin to 9,753; down 2.2% in Bakersfield to 17,618; a inaugural report of 18,873 in Charolotte; down 4.4% in Denver to 24,495; up 1.9% in Naples to 36,236; down 1.0% in Jacksonville to 14,181; down 4.5% in Norfolk/Virginia Beach to 11,423; down 1.7% in Philadelphia to 37,937; up 0.5% in Raleigh/Durham to 16,005; down 1.9% in Richmond to 8,877; up 2.0% in Salt Lake to 16,923; and up 0.3% to 8,241 in Tucson.
ZipRealty also reported that the percentage of homes on the market that had taken at least one price decrease continued to increase in October, with Dallas and Houston posting the lowest such percentages in the 36% to 37% range. Several markets, including Baltimore, Las Vegas, Los Angeles, Orange County, Orlando, Phoenix, San Francisco, Sacramento, San Diego and Washington D.C. reporting that prices on between 45% and 53% of homes for sale had been reduced at least once.