The report compiled statistics indicating that the trend regarding homes for sale is moving downward. Houses on the market in 26 major metropolitan areas saw their numbers decrease by an average of 3.3 percent, the first month-over-month descent since January.
The Wall Street Journal suggests multiple reasons for the decline, such as aggravated sellers “throwing in the towel” and believing the best option is to wait until next year when the demand for homes may increase.
Additionally, the report stated that certain banks have put a stop to the selling of foreclosed properties in some states, including Florida.
Florida is host to three housing markets that have seen inventories decrease for the year, which include Orlando, Jacksonville and Miami, according to the report. Other cities seeing large decreases in inventory include Austin, Texas, at 7.6 percent, followed by Denver and Seattle.
A drop in the median price for single-family homes during the third quarter may be perceived as evidence of the decline in inventory, as the National Association of Realtors showed that the median price for single-family homes went down 0.2 percent in the third quarter from 2009, falling from $178,200 to $177,900.
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