Housing inventory around the country is on the rise, as sellers look to capitalize on the spring home buying season.
Home sale inventory was up 2.97% in March and up 6.83% over the three months ended in March, according to theAltos ResearchÂ 10-City Composite Index.
The index is a statistical compilation of property prices highly correlated with theÂ S&P/Case-ShillerÂ Index. The 10-city index is based on single-family homes in Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Washing D.C., and Denver; however, Altos also reports figures from other cities around the country.
Sale inventory in Boston increased the most during the month, up nearly 16% to 14,297 properties, followed by New York (up 8.24%), Philadelphia (up 7.68%) and San Francisco (up 6.71%).
Prices, on the other hand, are trending downward, Altos said. The national average sale price fell 0.29% in March 2011 compared to one year prior, down to $432,307. Over the three months ended in March, prices fell 2.3%.