Redfin conducted an analysis of new property listings in the first five weeks of 2013 (January 1 to February 11) compared to the same period in 2012.

The Seattle-based brokerage found short sale listings decreased 54 percent from 2012, while REO listings are down by 46 percent. Overall, new listings declined 18 percent from 2012.

“Prices have gone up enough to stem the tide of short sales and bank-owned homes, but not enough to bring out the pent-up supply of would-be home sellers who have been sitting out the declining market,” Redfin explained.

In addition, expansions to the Home Affordable Refinance Program (HARP) have allowed more underwater borrowers to stay in their home by broadening eligibility for refinancing, according to Redfin.

Certain metros far exceeded the national average in their reduction for new distressed property listings. In San Jose, bank-owned listings fell 69.6 percent and short sale listings plummeted 81.7 percent. San Francisco has seen new REO listings dropped 69 percent and short sales listings decrease 73.8 percent. Meanwhile, Phoenix has seen new listings for REOs and short sales drop by 62.2 percent and 61.2 percent, respectively.

Though, non-distressed new listings surged 35 percent in Phoenix during the same time period.

Source: DSNew.com