RISMEDIA, September 24, 2009-The number of homes for sale declined nearly 3% in August 2009, compared to July, and is down more than 23% compared to a year ago, according to a monthly local market survey of home listings based on Multiple Listing Service (MLS) data in 25 metropolitan markets conducted by the national real estate brokerage ZipRealty.
Other highlights from ZipRealty's August Housing Inventory Index include:
-Housing inventory in the San Francisco Bay Area declined 7.6% in August, compared to July, and is down 48.9% year-over-year- the largest month-over-month drop across the 25 markets surveyed.
-Other markets with significant month-over-month declines include Orlando (5.1%), Washington, D.C. (4.7%) and Boston (3.9%).
-Salt Lake City remained statistically unchanged in August with no movement tracked in inventory.
-The worst may be over in Las Vegas, with home listings declining 3.4% in August but the median list price unchanged for the fifth consecutive month. Inventory in Las Vegas is now at the lowest level ever tracked by ZipRealty in the four years that ZipRealty has tracked this information.
-The Florida housing market continues to show signs that it has yet to hit bottom, as housing inventory and median list prices slipped in Miami, Orlando and Tampa. Inventory in Jacksonville increased slightly (.01%), though the median list price declined 1.39% to $177,000.
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