``And if you're shopping in highly desired neighborhoods in states like California and Texas, finding steals in desirable neighborhoods is going to be much harder to do. Inventory levels in the counties of San Diego, Orange and Los Angeles are already down to a five-month low, the lowest point since the market's peak six years ago, Pro Teck said.

"This is significant because in the Los Angeles market over the past 25 years, whenever this indicator was below five months, the median price increased by close to 19% the following year," O'Grady said. "Of course, it remains to be seen if the same appreciation happens again."''

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