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It's slim pickings for buyers in these 10 housing markets, where resurgent demand is beginning to outstrip supply.
In these areas, the economy has started to pick up, but sellers haven't gotten off the fence because prices are still low. Those who do, however, often get multiple offers, and many sell their home for more than list price.
Of course, these tight markets could loosen up in coming months as banks dispose of more foreclosed properties and owners with equity see how quickly things are moving. For now, however, it's a sellers market, with homes often going under contract the same day they hit the multiple-listing service.
Here, ranked by their plunge in inventory, are the 10 tightest housing markets among the nation's 50 most populous metros, as ranked by MSN Real Estate's partner Move Inc. for Realtor.com (Denver data were provided by Metrolist Inc.). Decline in inventory is from February 2011 to February 2012.
Read: Strong demand has melted away inventory in some housing markets
- Video: Dumb things homebuyers do
- On our blog, 'Listed': Is housing near that elusive bottom?
