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by CareyBot

Inventories of homes for sale were down 9.6 percent from a year ago at the end of September, as sellers cut asking prices on nearly half of listings in the 29 major metro areas ZipRealty monitors, the company said. At the close of the third quarter, the markets with the biggest annual declines in inventory were Orange County (-28.9 percent), Las Vegas (-23.7 percent) and Denver (-22.2 percent). ZipRealty reports that during the same period, inventories ballooned by 13.2 percent in Salt Lake City, 8.8 percent in Seattle, and 7 percent in Austin. Across all 29 markets, by the end of September more than 45 percent of listings had seen at least one price reduction, compared with 41 percent at the end of June. The percentage of listings with reduced prices was highest in Tucson (49.1 ...