The market for single-family homes just got more crowded. Listings for new and used homes in the largest 29 metro areas around the country increased by 1.3 percent in April, according to data from ZipRealty Inc, a California-based real estate firm.
The increase of 1.3 percent from the previous month was one of the largest month-to-month increases in the inventory of single-family homes on the market. When compared to the number of listings in 18 major markets in April 2007, the increase was 6 percent.
The increase in listings comes as a result of a sharp increase in the number of foreclosures in major markets around the country. Areas that saw a lot of speculative buying have been hit the hardest. California, Nevada, Arizona, and Florida cities were among the hardest hit by an increase in listings and foreclosures.
Chicago saw the largest increase in listings of any major city in April. The number of homes on the market in April increased by 5.9 percent from the previous month in the Chicago market. Boston and Seattle came next with an increase of 5.6 percent in listings.
However, buyers are starting to pick up deals for Chicago Homes For Sale around the area as prices come down, which could lead to a drop in listings in the next few months.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, Chicago Foreclosures
