The improvement means prices are on a sustained uptrend. There were 22% fewer homes on the market at the end of December than one year earlier.
In Phoenix, the supply of short sales dropped 42% in December in year-to-year comparisons.
Home prices rose 3.6% in the New York, New Jersey, and Long Island metropolitan areas. The Realtor’s Group’s Housing Affordability Index averaged 193.5 in 2012, up from 186.4 in 2011.

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