Housing Inventories Up Slightly in January

Housing inventories in the 27 major metropolitan areas covered by ZipRealty rose only 2.87 percent in January, compared to December.

Inventories in January usually rise sharply in anticipation of the spring selling season. Ivy Zelman, CEO of Zelman & Associates research firm, blamed this year’s situation on the unusually cold weather and the widespread decision among sellers to hold properties off the market in hopes of a better economy.

Zip data doesn’t cover New York City, where appraisal firm Miller Samuel Inc. reports that Manhattan inventory was up 10 percent from December, but down 19 percent from January 2009.

Source: The Wall Street Journal, James R. Hagerty (02/03/2010)