The number of homes listed for sale in 18 major U.S. metropolitan areas at the end of January was up 2.55% from a month earlier, according to data compiled by ZipRealty Inc., a national real-estate brokerage firm based in Emeryville, Calif.

The modest increase comes amid a glut of homes on the market in much of the country. Home prices have been leveling off or declining in recent months in many areas, and they are unlikely to bounce back until inventories come down.

The ZipRealty data cover listings of single-family homes, condominiums and town houses on local multiple-listing services.

Inventories of previously occupied homes typically increase in January as sellers who took their properties off the market during the holidays try to get an early start on the spring-selling season, the busiest time of the year for home shopping. Over the past two decades, national inventories in January typically have increased about 8% from a month earlier, according to Credit Suisse Group.

Many of the homes on the market are vacant, a situation that usually means the owners are more eager to sell and willing to negotiate on price.

— By James R. Hagerty, 02/08/07

Source:

http://www.realestatejournal.com/