The number of homes on the market remains high, as the housing crisis continues and the Spring selling season approaches its peak.\n<\/p>\n
\nNEW YORK (CNNMoney.com) — The number of homes for sale was on the rise again in April, according to figures from Zip Realty, a California-based real estate broker.\n<\/p>\n
\nNationally, inventories expanded 3.5% last month in the 29 major markets that the company tracks, and were up 6% over the same period last year.\n<\/p>\n
\n“Inventories in some cities may be topping out,” said Michael Larson, a real estate analyst with Weiss Research. “But this shows that sales are still weak.”\n<\/p>\n
\nEven some markets that used to be considered bulletproof have seen inventories grow. Twelve months ago, Seattle had a fairly small number of homes for sale. But inventory there has since spiked 45.9% to 36,632.\n<\/p>\n
\nThe number of homes for sale in San Francisco rose 23.8% and Washington, D.C. inventory increased 18% over the same 12 months.\n<\/p>\n
\nChicago saw the biggest jump in inventory between March and April, with 82,000 homes listed for sale, up 5.9%.\n<\/p>\n
\nAnd these bloated inventories have put pressure on home sellers to slash prices that have already been on a steep decline. In Orange County, Calif., 49.8% of homes on the market in early May have had prices reductions, according to the report. In Phoenix, 49% of the homes have lowered prices, and in Sacramento 48.8% of homes have been discounted.\n<\/p>\n
\nLarson said, “There’s been very aggressive pricing and increased incentives by builders. And banks taking back properties in foreclosure have also been very aggressive in selling those homes off again.”\n<\/p>\n
\nHe adds that inventories may be peaking, if for no other reason than that far fewer new homes being built.\n<\/p>\n
\nIn January, 2006 new homes were coming on the market at an annually adjusted rate of 2.3 million units. The pace of new home construction has now fallen nearly 60% since then, to 947,000 a year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The number of homes on the market remains high, as the housing crisis continues and the Spring selling season approaches its peak.\n<\/p>\n
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