National home listing inventories increased 1.15% month-over-month in February, according to data from Realtor.com.
The median age existing inventory sat on the market was 98 days, a 9.26% drop from January and an indicator that buyer demand remains strong.
The median list prices inched up month-over-month to $189,000, an increase of 1.55% from January. Additionally, the number of markets experiencing a decline in home prices dropped.
"As we enter the busiest time of the year for home buyers and sellers, our latest housing trend data shows just how competitive the market is with a significant national housing recovery well underway," said Steve Berkowitz, CEO of Move, Inc.
The total number of homes sold in the U.S. dropped 1.15% month-over-month to 1.5 million.
Berkowitz added, "Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions."