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Supply climbs in New York City and San Francisco

March 9, 2011 - A new report shows families moving to New York City and San Francisco, have a higher supply of homes to choose from.

According to Altos Research, New York's housing inventory grew 8.24 percent in February from the previous month and 4.13 percent over the past three months. In addition, the supply of homes in San Francisco climbed 6.71 percent from January and 7.96 percent over the previous three months. With such a high inventory of properties available, homebuyers preparing for a springtime relocation should have plenty of property to choose from.

Those properties are also becoming more affordable. The report said San Francisco prices dropped 3.53 percent from January and 9.31 percent over the past three months, while prices in Washington, D.C., declined 2.86 percent from the previous month and 8.13 percent over the previous three months.

Analysts with the group added that week-to-week home price reports show markets across the country are seeing local values recover, which should bode well for the real estate market over the next few months.

Families hiring moving companies and purchasing new homes have the upper hand in real estate transactions, since many sellers are willing to cut prices in order to draw interest. However, experts caution against buyers being too picky and missing out on a deal as a result.
 

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