The U.S. housing market continued to tighten in February as the inventory of for sale homes saw additional listings evaporate and home prices rose, according to realtor.com's February Housing Trends Report released Thursday. The continuation of these trends could signal a competitive spring home buying season on the horizon.

Based on realtor.com's analysis, national housing inventory declined 15.3% year-over-year last month, while the median U.S. listing price grew by 3.9%, to $310,000. February's inventory decline, which amounted to a loss of 184,000 listings, was the largest year-over-year decline since realtor.com began tracking inventory data. To view the complete February Housing Trends Report, which includes additional insights and metro level data for inventory, median listing prices, days on market, and share of price reductions, click here.

25 of the nation's 50 largest metros saw the number of homes for sale decline more than 20%. Inventory fell the fastest in Phoenix, San Diego, Calif., and San Jose, with decreases in excess of 36% over last year.

"The Fed's decision to cut rates by 50 basis points earlier this week in reaction to concerns over the spread of Covid-19 is good for home buyers, but only if they can find a home to purchase. Finding a home remains the chief challenge in today's inventory-starved market," said realtor.com Chief Economist Danielle Hale. "Given the still-decreasing number of homes for sale in many markets, if a listed home is priced well, expect it to sell quickly this year. Construction of new homes will need to jump into overdrive in order to bring the nation's supply and demand for housing back towards equilibrium.

"Additionally, it remains to be seen how the recent growing concern over the spread of Covid-19 will impact consumer spending, at least in the short-term," Hale added.

The lack of inventory prompted listing prices to increase 3.9% to $310,000, a slightly accelerated pace compared to last month. The U.S. median listing price had grown by 6% to 8% year over year until autumn of 2019 when growth began to slow, finally hitting a low of 3.1% in December.

Home prices rose in 46 of the 50 largest markets in February and were on average 6.5% higher than last year. Philadelphia led the nation with the greatest price growth, topping out just above 17% at $295,000.

As buyers grapple with a lack of inventory and rising prices, homes sold at a faster rate than last year. Nationally, homes sold in 80 days in February, three days quicker than last this time last year. This trend was exaggerated in the nation's largest metros where homes sold five days faster than last year on average. Hartford, Conn.; Raleigh, N.C.; and Washington, D.C. saw homes selling at the fastest rates in the nation compared to last year, each with homes selling more than two weeks faster than last year.

Greatest Declines in Inventory - Metro Level

Metro
Active
Listing
Count
YoY
Median
Listing Price
Median
Listing
Price
YoY
Median
Days
on
Market
Median
Days on
Market
Y-Y
Phoenix-Mesa-Scottsdale, Ariz.
-42.7%
$400,000
14.3%
48
-4
San Diego-Carlsbad, Calif.
-36.6%
$749,100
12.0%
37
4
San Jose-Sunnyvale-Santa Clara, Calif.
-36.2%
$1,199,900
11.6%
22
-4
Denver-Aurora-Lakewood, Colo.
-35.9%
$559,600
12.0%
38
6
Seattle-Tacoma-Bellevue, Wash.
-33.7%
$600,100
1.3%
38
-8
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
-29.4%
$295,000
17.3%
69
-10
Cincinnati, Ohio-Ky.-Ind.
-28.6%
$284,500
12.7%
66
-5
Charlotte-Concord-Gastonia, N.C.-S.C.
-28.2%
$348,600
5.6%
64
-6
Portland-Vancouver-Hillsboro, Ore.-Wash.
-28.1%
$485,000
1.1%
58
10
Riverside-San Bernardino-Ontario, Calif.
-26.8%
$419,100
4.9%
60
3
Providence-Warwick, R.I.-Mass.
-25.2%
$389,100
8.8%
66
-10
Sacramento--Roseville--Arden-Arcade, Calif.
-25.0%
$500,100
8.7%
40
-10
Nashville-Davidson--Murfreesboro--Franklin, Tenn.
-25.0%
$371,000
3.8%
36
-9
Rochester, N.Y.
-24.8%
$230,000
15.0%
45
-15
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.
-23.6%
$495,100
10.7%
39
-16
Tampa-St. Petersburg-Clearwater, Fla.
-22.9%
$280,000
4.2%
61
-5
San Francisco-Oakland-Hayward, Calif.
-22.3%
$949,100
8.2%
18
-9
Los Angeles-Long Beach-Anaheim, Calif.*
-21.8%
$959,900
N/A
66
N/A
Austin-Round Rock, Texas
-21.7%
$360,100
2.9%
61
-3
Boston-Cambridge-Newton, Mass.-N.H.
-21.4%
$600,100
9.2%
55
-7
Virginia Beach-Norfolk-Newport News, Va.-N.C.
-20.5%
$310,500
8.9%
57
-11
Baltimore-Columbia-Towson, Md.
-20.5%
$320,100
6.7%
66
-6
Memphis, Tenn.-Miss.-Ark.
-20.5%
$237,100
13.2%
79
3
Kansas City, Mo.-Kan.
-20.4%
$330,100
6.0%
94
3
Orlando-Kissimmee-Sanford, Fla.
-20.0%
$325,100
8.4%
68
-1
Oklahoma City, Okla.
-18.9%
$257,700
9.1%
53
-15
Cleveland-Elyria, Ohio
-18.8%
$189,600
1.6%
81
-2
Hartford-West Hartford-East Hartford, Conn.
-18.5%
$275,000
3.8%
74
-22
Columbus, Ohio
-18.4%
$299,800
14.2%
58
-10
Birmingham-Hoover, Ala.
-17.6%
$256,400
9.2%
71
-13
Las Vegas-Henderson-Paradise, Nev.
-17.5%
$328,000
5.8%
46
-4
Indianapolis-Carmel-Anderson, Ind.
-17.5%
$275,000
8.0%
80
-2
St. Louis, Mo.-Ill.
-15.7%
$220,000
2.3%
89
1
Buffalo-Cheektowaga-Niagara Falls, N.Y.
-15.6%
$200,000
9.6%
67
0
Milwaukee-Waukesha-West Allis, Wis.
-15.1%
$320,000
6.7%
57
-11
Pittsburgh, Pa.
-15.1%
$200,100
14.3%
96
-12
New Orleans-Metairie, La.
-14.2%
$284,600
2.9%
80
-3
Jacksonville, Fla.
-13.9%
$320,000
3.9%
74
-6
Richmond, Va.
-13.8%
$327,000
3.2%
59
-5
Miami-Fort Lauderdale-West Palm Beach, Fla.
-13.5%
$410,000
3.7%
88
-4
Raleigh, N.C.
-12.5%
$367,800
4.4%
64
-18
Louisville/Jefferson County, Ky.-Ind.
-12.3%
$255,000
-1.9%
64
-2
Atlanta-Sandy Springs-Roswell, Ga.
-10.5%
$325,000
2.4%
56
0
Dallas-Fort Worth-Arlington, Texas
-9.6%
$340,100
-1.3%
56
-3
Detroit-Warren-Dearborn, Mich
-8.7%
$229,100
4.1%
59
-4
New York-Newark-Jersey City, N.Y.-N.J.-Pa.
-8.1%
$559,100
5.9%
80
-2
Houston-The Woodlands-Sugar Land, Texas
-5.3%
$306,000
-1.5%
60
-6
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
-4.0%
$320,000
2.4%
45
-11
San Antonio-New Braunfels, Texas
2.6%
$290,000
0.0%
71
1
Minneapolis-St. Paul-Bloomington, Minn.-Wis.
12.2%
$375,100
-3.4%
49
-11

*Some data points for Los Angeles have been excluded due to data unavailability.