I'm constantly speaking to clients about the housing market in terms of supply and demand which is often reported as Listed vs Sold... This info is easily obtained at the link provided below.
Note how supply (listed) has dwindled August 2014 compared to August 2013. Meanwhile demand (solds or buyers) have remained fairly stable. This has resulted in a market that feels much hotter or a sellers market. I do point out however that many sellers from last year just gave up last fall so there may be some shadow inventory out there that comes back as they hear the market has picked up.