The Altos Research Real-Time Real Estate Report which measures current real estate market data around the country showed that inventory declined in October.
The report stated:
Inventory fell by the largest amounts in Boston and Charlotte with inventory contracting 7.9% and 5.7% respectively. Several other markets showed inventory declines of more than four percent for the month including: San Jose, Detroit, Houston and Phoenix.
The report also stated that by far, the market with the slowest rate of inventory turnover was Miami at an average of 172 days-on-market. Miami has experienced the slowest market turnover in every month since September 2007.
The report examines housing pricing, inventory levels and market conditions in 31 major U.S. metropolitan statistical areas (MSAs): Atlanta, Austin, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Houston, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, DC. The Real-Time Real Estate Report is released every month.