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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 31, 2007  |   Rising Inventory Means Lower Prices in Big Cities
It’s a buyers’ market in many of the nation’s largest cities.

Los Angeles, Chicago, and Miami are the top three cities on the list of real estate markets with the biggest housing inventories, according to data compiled by San Francisco-based brokerage ZipRealty.

Sellers seem to be adjusting by either setting or reducing prices to levels the market can bear, observers say.

In eight of the top 10 U.S. cities with the biggest housing inventories, at least 40 percent of the homes that are listed have reduced their prices. A percentage in the high 30s is indicative of a near-equilibrium market, according to ZipRealty.

Below is a list of the 10 U.S. cities with the highest housing inventories as of September 2007 and their Price Reduction Index (PRI), which reflects the percentage of homes currently listed on the market whose listing price has been reduced as of Sept. 30.

Top 10 Cities With Highest Housing Inventories
  • Los Angeles: 111,269 houses for sale; Price Reduction Index, 45.9 percent
  • Chicago: 82,839 houses for sale; Price Reduction Index, 40.8 percent
  • Miami: 79,154 houses for sale; Price Reduction Index, 38.1 percent
  • Tampa: 58,601 houses for sale; Price Reduction Index, 42.3 percent
  • Phoenix: 54,536 houses for sale; Price Reduction Index, 47.1 percent
  • Washington: 52,854 houses for sale; Price Reduction Index, 46.8 percent
  • Dallas: 47,097 houses for sale; Price Reduction Index, 35.9 percent
  • Boston: 43,158 houses for sale; Price Reduction Index, 48.4 percent
  • Sacramento: 40,195 houses for sale; Price Reduction Index, 51.4 percent
  • Houston: 39,332 houses for sale; Price Reduction Index, 36.7 percent

Source: BusinessWeek Online, Maya Roney (10/30/07)

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