There were 1.89 million homes on the market at the end of December, a 6 percent drop from November and a 22.3 percent decline from one year ago, according to data from research firm Zelman & Associates, cited by the Wall Street Journal. In fact, there were fewer U.S. homes listed as for sale at the end of 2011 than in any of the previous four years, the figures show.
The drop in inventory may simply be a result of foreclosure backlogs in certain states, the Journal noted, and the fact that a number of sellers have pulled their homes off the market to wait for a turn in prices.
Meanwhile, median home prices were down by 1 percent from November but up 5 percent from one year ago, according to statistics by Realtor.com. [WSJ]