Real Estate: Housing Inventory Declines
The number of homes listed for sale fell in many U.S. cities in October as buyers sought to qualify for a federal tax credit.
The supply of homes available for sale in 27 major metropolitan areas at the end of October was down 2.8% from a month earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, California. ZipRealty data cover all single-family homes, condos and town houses listed on local multiple-listing services in metro areas where the firm operates.
Inventories typically increase in October. On a national basis over the past 25 years, they have grown about 1% on average in October from September, according to Zelman & Associates, a research firm. Ivy Zelman, chief executive of the firm, said she believes the drop in inventory this year reflected a rush by first-time home buyers to qualify for a federal tax credit due to expire November 30. Congress is expected to extend that tax credit for five months and make it available to some people who already own homes.
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