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National housing inventories down more than 6 percent

January 13, 2011 - A recent report shows buyers moving into new homes, combined with seasonal declines, helped push down the nation's supply of housing in December.

The national housing inventory dropped 5.89 percent in November from the previous month, according to Altos Research, and a handful of cities reported declines well into the double-digits. Buyers moving to Boston helped reduce that city's home supply by 16.11 percent, while San Francisco saw its inventory fall 14.52 percent. Seattle posted a reduction of 14.2 percent while San Jose's supply of homes shrank by 12.67.

Analysts with the firm added that many buyers might have pulled their homes off the market in those cities as the slow winter moving season sets in.

"As the spring housing market starts to swing into action, a spike in housing inventory can be expected, as sellers seek to capitalize on the most active period of the year for home sales," said the report.

Over the past three months, the nation's housing inventory has declined 8.86 percent, said the report.

A separate report from ZipRealty also showed inventory declines in Chicago and Miami, possibly a sign that low home prices in those cities are convincing more people into relocating there.
 

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