Inventories in May declined in all but two -- Philadelphia and Shreveport-Bossier City, La. -- of the 146 markets tracked by Realtor.com.
While inventories were on the decline, the median national list price was on the rise, inching up 3.17 percent in May compared to May 2011.
“These key indicators continue to suggest that the housing market is steadily moving along a path of stabilization and gradual recovery,” Realtor.com notes.
12 Markets Where Inventories Have Dropped the Most
California metro areas are seeing some of the largest drops in inventories of for-sale homes.
From May 2011 to May of this year, the following metro areas have posted the highest drops in the country with their housing inventories, with inventories falling 35 percent or more in the last year. Those metros are:
- Oakland, Calif.: -56.60%
- Fresno, Calif.: -48.76%
- Bakersfield, Calif.: -48.59%
- Phoenix-Mesa, Ariz.: -44.71%
- Seattle-Bellevue-Everett, Wash.: -42.65%
- San Jose, Calif.: -40.80%
- Tampa-St. Petersburg-Clearwater, Fla.: --39.76%
- Stockton-Lodi, Calif.: -39.25%
- Atlanta: -39.19%
- San Francisco: -38.90%
- Riverside-San Bernardino, Calif.: -37.43%
- Sacramento: -35.92%