According to the Wall Street Journal, Inventory of Houses Falls in July

The number of homes listed for sale declined again in many U.S. cities last month as bargain hunters continued to search for foreclosed properties.

The supply of homes available for sale in 28 major metropolitan areas at the end of July was down 2.5% from a month earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif. The Zip data cover all single-family homes, condominiums and town houses listed on local multiple-listing services in metro areas where the firm operates.

On a national basis over the past 25 years, inventories in July have fallen by an average of 1% from the June level, according to Zelman & Associates, a research firm. Compared with the year-earlier month, the July inventory in the 28 metro areas was down 27%, according to the Zip data.