Housing inventory is up nationally as sellers look towards the spring market, particularly in the Boston area.
Home inventory was up 2.97% in March and up 6.83% over a three month period ending in March 2011, according to the Altos Research’s 10-City Composite Index.
The 10-City Index is highly correlated with the S&P/Case-Shiller Index, and is based on single-family homes in Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Washington D.C., and Denver. However, Altos also reports figures from other cities around the country.
Housing inventory in Boston increased the most during the month, up nearly 16%, followed by New York (up 8.24%), Philadelphia (up 7.68%), and San Francisco (up 6.71%).
However, home prices are down, Altos said. The national average sale price fell 0.29% in March 2011, compared to one year prior, down to $432,307. Over a three month period ending in March, prices fell 2.3%.
Prices decreased the most in Atlanta, down 1.13% to $182,276, followed by Las Vegas (down 1.03%), San Diego (down 1.03%), and Detroit (down 0.79%).
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