Homes for sale drop 28,000 in December

by bkrigbaum@solagroup.com

EMERYVILLE, Calif. (January 13, 2009) – The number of home listings within 27 major U.S. metropolitan areas dropped significantly in December by 4.8 percent, compared to a month prior, and is down 26.3 percent compared to December 2008, according to a monthly report of homes listed for sale on Multiple Listing Services (MLS) in the 27 markets surveyed by ZipRealty, a national real estate brokerage.

December also marked the eighteenth consecutive month-over-month decline in the total number of home listings in the 27 markets, according to the survey.

Other highlights from ZipRealty’s December Housing Inventory Index include:

The combined number of MLS-listed single family homes and condos within all 27 major U.S. markets in December totaled 551,447, down from 579,413 in November. Also:

  • December marked the largest month-over-month decline in home listings in 2009.
  • Markets with significant month-over-month inventory declines include Boston (13.3%), the San Francisco Bay Area (12.1%), Denver (9.2%), Minneapolis-St. Paul (9%) and Seattle (7.9%).
  • Phoenix was one of only two markets where the number of homes listed for sale increased, at a modest 1.8 percent. In Sacramento, ZipRealty tracked a minor increase of .01 percent.

“Seasonality and the heavy activity by first-time homebuyers in October and November, who were rushing to take advantage of the tax credit, impacted housing inventory in December,” said ZipRealty president and CEO Patrick Lashinsky.

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