Inventories down steadily in Chicago, Miami

A majority of cities across the country saw their housing supplies dwindle in November, but only five saw that positive moving activity translate on a year-over-year basis as well.

According to RealtyTrac, the supply of homes in Chicago stood at 63,195 in November, down 4.5 percent from the previous month and 1.5 percent from a year earlier. Miami's housing inventory also dropped 1.2 percent from the previous month and 7.2 percent over the past year to finish at a total of 44,292 last month, while Seattle's supply of homes shrank 7.4 percent from October and 0.1 percent from a year earlier. Jacksonville and Charlotte were the only other two cities to experience falling inventories on both a month-to-month and year-over-year basis.

Nationally, the supply of homes was down 3.78 percent in November from a month earlier, and 22 of the 26 metropolitan statistical areas surveyed reported lower inventories over that same time period. At the same time, areas which saw improved monthly numbers have actually seen their housing inventories inflate over the past 12 months as more families hiring moving companies put their homes on the market. For instance, the housing inventory in California's Orange County was down 4.9 percent from the previous month but up 41.3 percent from a year earlier.

Rising inventories in Orange County may be the result of slowing home sales. MDA DataQuick reported that statewide, home sales were down 20.9 percent in October from the previous year.
 

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