Daily Real Estate News, September 8, 2010
Housing inventories rose an average 0.4 percent in August, the eighth-straight month they have increased in the major 26 metropolitan areas served by ZipRealty Inc.
Compared to August of 2009, inventories are up an average of 10.6 percent, ZipRealty reports. Western markets’ inventories rose the most year-over-year with increases of 59 percent in San Diego, 43 percent in Orange County, Calif., and 25 percent in Los Angeles.
Inventories fell year-over-year in Miami by 8.6 percent, in Chicago by 2.2 percent, and in Orlando, Fla., by 2.2 percent.
Pat Lashinsky, CEO of ZipRealty, attributes the declines to sellers taking their homes off the market. “Sellers have realized, ‘I just can’t get the price I want. Instead, I’m going to stay here,’” Lashinsky says.
Source: The Wall Street Journal, Nick Timiraos (09/07/2010)
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