The number of homes sitting on the market fell in many major metropolitan areas around the country in August. According to data from Zip Realty, Inc, a California-based real estate firm, the number of homes for sale fell by 2.6 percent from the previous month.

The data covers all types of residential units for sale, including condos and single-family homes. The drop in the number of homes on the market was seen in 18 of the 29 cities measured by the report. Orange County, California, Washington D.C., and Boston led with declines of more than 4 percent in the number of homes on the market in August.

However, the Chicagoland region wasn’t as lucky. The number of homes on the market increased slightly during August, but could soon start to follow the rest of the country. The recent bailout of Fannie Mae and Freddie Mac could serve to calm markets and keep many homeowners out of foreclosure, helping markets such as Chicago lower the number of homes on the market.

According to data from the National Association of Realtors, a total of more than 4.67 million homes were listed on the market at the end of July. At the current pace of sales, the national market has an 11-month market supply. Anything over a 6-month market is considered a buyers market. Buyers should continue to see great deals for North Shore Chicago Real Estate.

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This entry was posted on Thursday, September 11th, 2008 at 4:49 pm and is filed under Evanston Real Estate(t) , Deerfield Real Estate(t) , Northbrook Real Estate(t) , Northfield Real Estate(t) . You can leave a response.