The level of residential properties on the market dropped significantly in October compared to the same month in 2011, according to real estate records from Realtor.com.
October's for-sale level was 17 percent lower than October 2011, as there was 1.76 million units for sale when including condominiums, townhouses, co-ops and single-family homes. The inventory level also had a decline in median age, as it was nearly 12 percent lower year-over-year, the report explained. The month's median price was unchanged from last October, as the figure was $189,900.
Low inventory levels may suggest that the housing market strengthened in the past 12 months, as more consumers are purchasing homes, the report said. However, median price drops in some metropolitan statistical areas may suggest that pricing could be affected in the near future.
"There's a little bit of uncertainty that's come back into the market," Steven Berkowitz, CEO of Move and operator of the Realtor website, told USA Today.
Despite some issues in the housing market, real estate agents are confident that the property data improved this year. According to a report from Redfin, three-quarters of agents feel that now is a good time to acquire a new property.