Number Of Homes For Sale Increased By 2.9% In January

In a report issued today, ZipRealty announced that the number of "For Sale" homes listed nationwide increased by 2.9%, or 15,000 homes.

The January Housing Inventory Index also stated that year-over-year listings remain relatively low, down 22.3 percent for the last 12 months. Markets across the country, though, saw increasing inventories, signs that there is a larger supply of homes than demand in the market. This indicates that even with the first-time homebuyer's tax credit extension to April, 2010, inventories are still higher than desired.

As we saw in November, though, I expect sales will increase in March as people rush to take advantage of the $8,000 tax credit. Expect housing sales and housing stocks to drop in April.