Inventory of Existing Homes for Sale Surged by 3.75 Percent Nationwide

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Miscellaneous, Real Estate

The number of existing homes for sale nationwide increased by 3.75 percent over the month in February 2011, with 14 of 27 major cities posting increases in housing supply.

According to Altos Research, the total supply of pre-owned homes for sale in the ten major cities in the Altos Research Composite dropped from 257,639 units in December 2010 to 255,358 units in January 2011, but surged sharply to 264,938 units in February. The increase rate over the month was 3.75 percent while the increase rate over the three-month period was 2.83 percent.

The cities with the biggest increases in February among the 27 major cities tracked by Altos were San Jose, Washington, D.C. and San Francisco, with the increase rates at 8.81 percent, 7.99 percent and 7.96 percent, respectively.

The cities with the biggest inventory of existing homes for sale in February were the following:

1. New York City  –  63,111 units
2. Chicago  –  50,490 units
3. Los Angeles  –  36,547
4. Atlanta  –  35,636 units
5. Houston  –  33,170 units
6. Dallas  –  32,058 units

Of the 568,076 housing units available for resale in the 27 major cities, 11.11 percent are located in New York City. The above six cities with the biggest inventories accounted for 44.19 percent of the total 27-city supply.

It’s understandable that New York City, Chicago, Los Angeles, Houston and Dallas have the biggest supply of pre-owned homes for sale as they are the most populated cities based on population estimates as of 2009. Atlanta is also in the top 50 cities based on 2009 population charts.

In contrast, the cities with the biggest drop rates in the supply of existing homes for sale in February were the following:

1. Tampa  –  6.6 percent
2. Phoenix  –  5.92 percent
3. Detroit  –  5.79 percent
4. Minneapolis  –  4.16 percent
5. Atlanta  –  4.06 percent
6. Boston  –  3.3 percent
7. Portland  –  3.17 percent

Among the 27 metro areas, the cities with the lowest number of existing homes for sale in February were the following:

1. San Jose  –  4,433 units
2. Salt Lake City  –  5,873 units
3. San Francisco  –  8,901 units
4. Austin  –  9,137 units
5. San Diego  –  10,039 units
6. Indianapolis  – 12,218 units
7. Portland  –  12,502 units
8. Boston  –  12,585 units
9. Cleveland  –  12,636 units
10. Charlotte – 13,322 units
11. Denver  –  13,590 units

All of the above cities, except Salt Lake City and Charlotte, are also among the 50 most populated U.S. cities as of 2009, so it can be interpreted that the relatively lower supply of existing homes for sale means that a higher percentage of residents in these cities are satisfied with the status quo and are not reselling their homes.

In Tampa, there were 20,459 units of existing homes for sale in February, based on Altos records, down by 7.58 percent compared to January. If you want to buy a Tampa home before the inventory gets really low, contact Tampa4U.com for a great deal.