Buyers put a dent in inventories

A survey released by the Associated Press and RE/MAX International shows inventories of homes for sale falling 11.7 percent in April compared to a year ago, to 8.1 month.

All but nine of 55 markets surveyed saw sales increase from March to April, RE/MAX said, with the largest increases in markets that have seen the greatest price declines. Sales were up 84.9 percent from a year ago in Las Vegas, 79.4 percent in Phoenix, 56.2 percent in Miami, and 47.2 percent in Los Angeles.

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