By Nick Timiraos

The number of homes listed for sale increased slightly in March in many metropolitan housing markets.

The listing inventory in 23 metro areas was up 1.1% from February, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif. That follows a 0.2% decline in February from January and a 2.2% decline in January from December.

Nationally, inventories typically rise in March from February as sellers ready for the busy spring selling season. Over the past 26 years, the average increase in March has been 1.8%, according to Zelman Associates, a research firm. Inventory was down 4% from the year-ago month, using the ZipRealty data.

Analysts have braced for a surge in for-sale signs as homeowners test the market and banks continue to dribble out foreclosed homes. But the ZipRealty data show that hasn’t happened yet.

The data also show that the share of homes where prices have been reduced continues to fall. In Chicago, for example, 47% of homes listed for sale in March had seen their price reduced at least once, down from 52% in October.

Click here to see housing inventory and price cut information for metro areas.

Editor’s note: This post has been updated to reflect data through March, not April.