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Monday, March 11, 2013

Inventory keeps dropping but not in 5 cities - MSN Real Estate

Inventory keeps dropping but not in 5 cities - MSN Real Estate
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  1. RAYLOKEMarch 11, 2013 at 9:37 AM

    But the Movoto report did find that the number of homes for sale was increasing in five of the 34 cities it tracked. Baltimore had 27% more homes for sale than a year ago, Colorado Springs had 17% more, Miami 11.4%, Philadelphia 6.5% and Tucson, Ariz., 2.7%.



    The cities that saw the greatest decline in inventory were in California. Sacramento had 72.9% fewer homes for sale, followed by Oakland, down 62%; San Francisco, down 58.9%; and Long Beach, down 52.5%. After that came Boston, down 50.1%, and then three more California cities: Los Angeles, down 49.1%; San Diego, down 47.9%; and Fresno, down 42.7%.
    •
    Are investors ruining the housing market?


    As for prices, Movoto.com found that the median price per square foot increased from $155 to $174 in the past year. That brings it back to where it was in 2010.
    •
    Shortage of homes to buy may last another year


    The cities that saw the greatest increase in price per square foot were Sacramento, up 47.2%; Phoenix, up 34.2%; and Oakland, up 33.8%.
    •
    Housing prices rose 7.3% in 2012


    Seven cities showed a decline in price per square foot: Chicago, down 14.5%; Cleveland, 6.1%; Minneapolis, 5.3%; Philadelphia, 4.5%; Boston, 3.3%; Memphis, 1.4%; and Raleigh, N.C., 0.9%.



    Home prices per square foot ranged from $46 in Cleveland to $645 in San Francisco. New York City was not included in the analysis.

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