The number of homes for sale in the last year is falling the most in California, with eight of the top 10 biggest drops in inventories in the last year from metro areas in the Golden State. Many California metros are also seeing asking prices on the rise in the last year, too.
Nationwide, inventories of for-sale homes continues to remain at historic lows with 1.84 million units for sale in August, which is down from 18.68 percent compared to a year ago, Realtor.com reports in its August housing data report.
The following markets have seen the largest decreases to their inventories in the last year:
1. Oakland, Calif.: -58.35%
2. Stockton-Lodi, Calif.: -45.03%
3. Fresno, Calif.: -43.13%
4. Sacramento, Calif.: -42.24%
5. Riverside-San Bernardino, Calif.: -41.75%
6. Bakersfield, Calif.: -41.36%
7. San Jose, Calif.: -41.10%
8. Seattle-Bellevue-Everett, Wash.: -41.07%
9. San Francisco: -40.15%
10. Atlanta: -37.02%
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News