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'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'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 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.

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