According to statistics from the National Association Of Realtors (NAR) the Los Angeles—Long Beach area ranked third in their July 2012 report on the nation's housing recovery.

• Median List price: $358,000, up 6.43% from July 2011
• Inventory: 23,585, down 29% from from July 2011
• Median time on the market: 65 days, down 10% from from July 2011

Locally, we are seeing a lot more multiple offers on attractive,well-priced homes…a practice out of fashion for the past several years.

From Realtor.com report:

“Low inventories, combined with rising list prices and lower times on market, are positive signs that the overall market is in a stabilization mode.

The recovery process, which began a year ago in Florida and has since spread to the West, continued to gain traction in July, with double-digit year-over-year list price gains in most California markets, as well as other hard-hit markets such as Phoenix, Boise City, Seattle, and Reno. On a year-over-year basis, the for-sale inventory declined in all but two (Shreveport, LA and Philadelphia, PA) of the 146 markets covered by Realtor.com.”