According to the latest Zip Realty survey of 26 real estate markets the supply of homes on the market dropped in November by 3.78%. This was the second monthly decline. Overall, the size of the housing market inventory is ahead of November 2009 by 11.6%.
Boston was the city with the largest decline in inventory—10%, while Austin saw a decline of 9.5%. The Las Vegas inventory exceeded the November 2009 total by 48.3%, while the inventory in Los Angeles was 38.1% higher than last year. The Houston inventory exceeded the year over year total by 22%.
The decline in inventory could be the result of homes coming off the market for the winter season, or the result of foreclosures coming off the market temporarily because of the robo-signing controversy.