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Inventories shrinking in Chicago, Miami

January 11, 2011 - Low prices may be encouraging many buyers to pack their moving boxes and buy homes in Chicago or Miami.

The cities were some of the few nationwide to post lower housing inventories on both a monthly and year-over-year basis in December, according to data from ZipRealty. The firm reported that Chicago, Miami, Jacksonville and Charlotte, North Carolina, were the only cities nationwide to see their supply of homes for sale shrink by both measures last month, a sign that low prices may be luring buyers.

For instance, the median price of homes in Chicago was $200,000 in December, and the city saw its inventory decline by 5.1 percent from November and 0.9 percent from a year earlier. Miami's supply was down 0.4 percent monthly and 4.5 percent over the previous year. The median price in that city were $180,000 last month.

All but one of the 26 metropolitan areas surveyed reported monthly housing inventories that were lower by an average 5.27 percent from November. On a year-over-year basis, the supply of homes was up 11.2 percent.

Other reports have shed light on the value of low-priced homes in stimulating the Miami real estate market. Condo Vultures reported last month that the South Florida region saw a record number of home resales in 2010, mainly because relocating families sought discounted homes for sale.

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