Housing inventory around the country is on the rise, as sellers look to capitalize on the spring home buying season. Home sale inventory was up 2.97% in March and up 6.83% over the three months ended in March, according to the Altos Research 10-City Composite Index. The index is a statistical compilation of property prices highly correlated with the S&P/Case-Shiller Index. The 10-city index is based on single-family homes in Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Washing D.C., and Denver; however, Altos also reports figures from other cities around the country. Sale inventory in Boston increased the most during the month, up nearly 16% to 14,297 properties, followed by New York (up 8.24%), Philadelphia (up 7.68%) and San Francisco (up 6.71%). Prices, on the other hand, are trending downward, Altos said. The national average sale price fell 0.29% in March 2011 compared to one year prior, down to $432,307. Over the three months ended in March, prices fell 2.3%. Prices decreased the most in Atlanta, down 1.13% to $182,276, followed by Las Vegas (down 1.03%), San Diego (down 1.03%) and Detroit (down 0.79%). Realcomp reported Monday morning that sales in Detroit dropped 9.6% in March. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.
Housing inventory rises for spring selling season: Altos
Most Popular Articles
Latest Articles
NAMB partners with Roomvu on digital marketing efforts
NAMB members can use automation tools through Roomvu to market their services, create content and distribute newsletters.
-
New American Funding onboards top Chicago loan officer
-
Opinion: No benefit to home sellers is worth sacrificing first-time homebuyers
-
Weekly active inventory growth still too slow
-
While the Austin housing market isn’t sizzling, agents say it is still warm
-
CMLS looks to weigh in on the DOJ’s statement of interest