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November sees dip in housing inventory

Housing inventory decreased in November.

Housing inventory decreased in November.

Last month marked the second consecutive month where the majority of the metropolitan housing markets saw the number of homes listed for sale fall, a trend that could be damaging to the hopes of homebuyers planning on moving into a new residence.

According to data from ZipRealty Inc., the amount of homes for sale in 26 key cities fell by 3.8 percent in November. Additional figures show that inventory remained up 11.6 percent from 2009, but only four markets saw an inventory increase in the month. Those areas were Las Vegas, Orlando, San Diego and Tucson, Arizona.

On the other end of the spectrum, the largest monthly inventory declines came in areas such as Boston, Austin, San Francisco and Seattle. In addition, Los Angeles saw inventories fall for the first time in 2010.

One reasons for the decline may be due to people pulling their homes off the market in hopes of seeing increased demand in the future. A recent RealtyTrac and Trulia survey indicated that 58 percent of Americans believe the housing market will mend after 2012.