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).

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