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It looks like the inventory levels have risen dramatically from this time last year, even though they have shrunk since November.

Nationwide, there were 2.8 million existing houses and condominiums on the market at year end, according to the National Association of Realtors. That is down slightly from November’s 2.9 million listings, but up 26 percent from a year earlier. Adjusted for seasonal variations, inventories have climbed 38 percent since April, according to Goldman Sachs Chief U.S. Economist Jan Hatzius, the largest eight-month increase on record.
The changing climate is particularly noticeable in once-hot markets such as Miami, Phoenix and Washington, D.C., and in areas such as Detroit, where price increases have been modest but the job market is weak. Some brokers report that traffic has increased in recent weeks. But with plenty of properties to choose from, buyers have become more selective. via Post Gazette.

I would be interested to see if you took out the 10 markets that had the lowest inventory from this time last year, and recalculated the numbers what difference that would make. Major markets like Boston, Washington DC, and New Jersey had homes on the market last year for only days, now it is months. That could make a difference even on the national averages.

Related posts:

1. Bay Area Forclosures Rise Dramatically
2. Housing Inventory Increases For Majority Of Cities, Drops In Boston and San Diego
3. Washington DC Experiencing Correction Not Crash
4. Home Sales Inch Up in March 2006 While Inventory Grows Quickly
5. Existing home sales rise 2% in August, 2005