The median age of inventory of for-sale homes has dropped nearly 12 percent compared to year-ago levels, according to October housing data from Realtor.com.

With inventories shrinking nationwide and hovering at historic lows, homes are selling faster in many parts of the country.

“Lower inventories, combined with somewhat higher median list prices, suggest that the housing market ending the 2012 home-buying season is in better shape than it was a year ago,” according to a Realtor.com release.

California boasts the most number of housing markets seeing some of the lowest median age of inventory in October. In Oakland, Calif., the median age of inventory is the lowest in the country at 21 days, a 57 percent decrease over year ago levels.

The following are the top eight markets with the lowest median age of inventories in the country:

Oakland, Calif.: 21 days
Stockton-Lodi, Calif.: 26 days
Sacramento, Calif.: 32 days
Denver, Colo.: 40 days
San Francisco: 44 days
Fresno, Calif.: 44 days
Phoenix-Mesa, Ariz.: 47 days
San Jose, Calif.: 47 days

By Melissa Dittmann Tracey, REALTOR(R) Magazine Daily News