Selling homes at desperately low prices is a fading phenomenon in some U.S. locations, industry observers said.
The National Association of Realtors said April's inventory of homes on the market was down to a 6.6-month supply. A year earlier in April, there was a 9.1-month supply of homes for sale on the market, given the pace of sales remained consistent.
USA Today reported Friday real estate firm Redfin found less than a three-month supply of homes on the market in nine out of 18 markets it monitors.
The tighter the supply, the higher the demand pressure. This means more buyers are likely to bid aggressively on homes for sale, sending prices higher.
"Multiple offers are definitely the norm," Rick Turley, president of Coldwell Banker Residential Brokerage for the San Francisco Bay Area was quoted as saying.