Most markets see monthly drop in inventory

A handful of markets nationwide are seeing improved moving activity, which has helped to take a chunk out of their local housing stock.

ZipRealty reported that 22 of 26 metropolitan markets around the country saw their housing inventories drop from September to October, a positive sign that a steady stream of consumers moving into homes may be helping to reduce the nation's backed up home supply. The city of Austin led the way in monthly decreases, with its stock declining 7.6 percent. Denver wasn't far behind, the supply there dropped 6.5 percent in October from the previous month. At the same time, both of those cities saw the year-to-year inventories rise by around 13 percent.

As a whole, the nation's housing inventory dropped 3.3 percent from September but was up 13 percent from the year before, said the report.

It would also appear that more sellers are trying to accelerate their moving plans and are putting their homes on the market now, at a time where homebuying is considered to be particularly affordable. A report from Trulia.com showed that 27 percent of national home listings in November included at least one price cut.
 

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