The number of homes on the market for sale was down 21% nationally in May from May 2011, a monthly report from Pro Teck shows. The figure has a direct impact on the prices in various markets, the valuation services company says.

The volumes of homes for sale has declined as much as 40% to 50% in some markets, according to the report. Notably, it says, Phoenix, Miami, Atlanta, Orlando, and Riverside-San Bernardino, some of the most widely followed and hardest hit since the peak markets, are high on this list.

Some of those hardest hit areas are beginning to see a turnaround, with buyers taking advantage of historic low prices.

“Like any market, bargain prices will bring out buyers – this is clearly happening in the West Palm Beach [market],” Pro Teck writes. “…nearly all of its important market indicators are showing positive trends on a year-over-year basis including declining inventory, declining market times and less distressed sales activity to name a few.”

View the report.

Written by Elizabeth Ecker