Inventory keeps dropping, but not in 5 cities

Data from Movoto.com find that the number of homes for sale increased in a handful of cities, including Baltimore and Miami, between February 2011 and February 2012.

By Teresa at MSN Real Estate Mar 7, 2013 3:07PM

House made of wooden bricks on computerized graph(© Gregor Schuster/Corbis)Here’s another report pointing out the decline in inventory of homes for sale in the United States and the corresponding rise in home prices.

 

The latest data from Movoto.com found that 92,416 homes were listed for sale at the end of February, down 20.2% from a year previously. The number was also down slightly from January, which is contrary to the normal pattern, which sees more homes go on the market as spring approaches.

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%.

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.

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%.

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.

 
15Comments
Mar 11, 2013 1:02PM
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not my house in Lansing Mi - already dropped price $30,000 (way below value).. not one offer... now headed to foreclosure or deed in lieu... good house with 2 car garage, 3 bedroom, 2 1/2 bath.. been on market since last July.. your report means nothing to real people trying to sell their decent homes.

 

Mar 11, 2013 11:32AM
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I've been trying to buy a house in Lancaster/Palmdale area for a year. Everytime something is available, investors (many of them chinese) out bid me and snatch it up. It is nearly impossible for normal people to buy anything.  This is outrageous. Where is our government? Do we actually have a real one anymore? This is by the people - for the people? Sure...for a handful of well-to-do people. The rest of us don't count anymore.
Mar 11, 2013 11:14AM
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I'm satisfied with my purchase last June.  So far as I can tell I bought at perhaps the perfect time in this cycle.  I bought a house that I paid half the price it was in 2006.  My interest rate of 3.87% 30 n fixed was great.  I think that perhaps the rate is just a bit lower now, but it wouldn't matter because now the prices are up which would offset the slight interest rate reduction.

I'm sure that a lot of people lost their shirts when they bought at the peak of the housing market upswing.  The prices were seriously unreal though.  You would have to have been a fool to believe that the economy could support that sort of run up.  Hopefully now buyers are at least some what more informed of how the economy works.  They should also be aware of all the BS that a salesman/women will tell you to sell you something.  The qualification element seems to have been addressed.  Now when you qualify, even if there is a buy down on the interest rate for the first year or so, the buyer still has to qualify at the market rate which make sense because that is what they will eventually be paying. 



Mar 11, 2013 10:36AM
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Figures Chicago home prices would be 14.5% down.  Chicago is one big $hit hole, I know.  I live here.

Highest gas rates in the country, insane property taxes, & taxes in general,  pot holes on every road, corrupt politicians, red tape for everything you do, bad drivers, rude people.

Mar 11, 2013 10:12AM
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all I can say is we may have forgotten who acutally cause this problem in the first place ...Flipper ?????

Most chinese investor hold onto their property while Flipper is just to be greedy.  2004-2006 the major cause of the inflated price and the burst was flipper and the professional banker (ha ha ) i wonder who those people are ?? 

Mar 11, 2013 10:00AM
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Hard to tell what is going on. Or what source of info to believe. Every day another article on housing comes out,with conflicting info.Most of the sales in my area,look to be bank foreclosures,bought by investors.
Mar 11, 2013 9:17AM
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I say let the Chinese buy up all the delinquent real estate in North America.  It will assist American banks in clearing up bad loans.  Then pull the rug right out from under them by raising interest rates.  That way prices will drop again but this time  the losers won't  be Americans, it will be the Chinese and other greedy foreign nationals who are attempting to create another real estate bubble.
Mar 11, 2013 8:51AM
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the chinesse bought the foreclosure! I do a home repair buisness in orange county Ca.and go to a lot of homes,Exspensive homes on the coast over look the pacific with million dollar views.do you know who is buying all of this? these type of homes you dont just move oput because your looking for a better place to live,there is no better place.poor americans that cant conpete with china.so we are moving down the ladder and they are stepping on are heads  running up.I cant Believe that this is happening,get out of this world econemey B>S> before its to late.

Mar 11, 2013 8:35AM
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I am still wondering where are all the forclosed homes are? I would like to know forclosure numbers vs home sales. We also have to include the short sales and new listings!  I think the banks are holding onto the forclosures to make the ones they have worth somthing!

   More smoke and mirrows  for this administration and the economy!!!

Buyer beware~

Mar 11, 2013 8:18AM
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What is the price of a home in Ca. How can a person afford a mortgage in Ca even at these low interest rates. What is going to happen when rates do start to climb. Where are the jobs to support increasing housing prices?
Mar 11, 2013 8:04AM
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Prices seem to be creeping up a bit in Vegas.
Mar 11, 2013 7:57AM
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All of my listings here in Central CA for the last year have had multiple offers within 48 hours. Even the ones that were listed high. The only thing holding prices back from skyrocketing is the appraisal industry changes. I think it's a good thing. We're getting our national net worth restored. Prices got too high in 2005 and 2006 but got too low in 2010 and 2011.

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