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Number of Home Listings Declines Nearly 3% in October 2009

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RISMEDIA, November 7, 2009—The number of home listings within 27 major U.S. metropolitan areas slipped 2.82% in October 2009, compared to a month prior, and is down 28.65% compared to a year ago, according to a survey of home listings information provided by MLS in these markets conducted by national real estate brokerage ZipRealty. 

October also marked the sixteenth consecutive month-over-month decline in the total number of home listings, based on combined Multiple Listing Service (MLS) data from these 27 areas where ZipRealty operates. 

Other highlights from ZipRealty’s October Housing Inventory Index include: 

-The combined number of MLS-listed single family homes and condos within all 27 major U.S. markets in October 2009 totaled 593,794, down from 611,026 in September 2009.

-Two Arizona markets experienced an increase in inventory in October compared to September, as Phoenix inventory increased by 4% and Tucson inventory increased by 2%.

-Markets with significant month-over-month inventory declines include Las Vegas (5.8%), Minneapolis (5.3%) and Chicago and Seattle (5% each). Median sale prices continue to decline in each of these markets.

-Markets on the West Coast led the list of the largest year-over-year declines in home inventory, including Los Angeles (56.3%), San Diego (55.1%), San Francisco Bay Area (51.1%) and Las Vegas (50.7%). 

For more information, visit www.ziprealty.com

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