The median age of inventory of for-sale homes has dropped nearly 12% compared to year-ago levels, according to October housing data from Realtor.com.
With inventories shrinking nationwide and hovering at historic lows, homes are selling faster in many parts of the country.
“Lower inventories, combined with somewhat higher median list prices, suggest that the housing market ending the 2012 home-buying season is in better shape than it was a year ago,” according to a Realtor.com release.
In Oakland, Calif., the median age of inventory is the lowest in the country at 21 days, a 57% decrease over year ago levels.
The following are the top 8 markets with the lowest median age of inventories in the country:
- Oakland, Calif.: 21 days
- Stockton-Lodi, Calif.: 26 days
- Sacramento, Calif.: 32 days
- Denver, Colorado.: 40 days
- San Francisco: 44 days
- Fresno, Calif.: 44 days
- Phoenix-Mesa, Ariz.: 47 days
- San Jose, Calif.: 47 days