Inventory declines nationwide, data shows

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The inventory of homes listed for sale in many U.S. cities declined 2.5 percent in July from the previous month, according to data from California-based brokerage firm ZipRealty. The inventory was 27 percent below July 2008 levels. ZipRealty’s figures cover single-family homes, condominiums and townhouses, but foreclosed homes that banks are still getting ready to sell aren’t included. The ZipRealty data also does not include New York City, but according to appraisal firm Miller Samuel, which includes co-ops as well as condos, July’s New York City inventory was 7.8 percent lower than the inventory in June of this year, but 6.9 percent higher than in July 2008.