Look at this!
While the percentage of listings under contract has fallen in some areas and risen in others with a slight increase overall, the number of homes on the market has fallen by 30% from the end of October to the end of November. (See bottom lines of this table for inventory numbers.) In 2012, the drop in active listings from October to November was only 9%.
Here is how the buyer activity has changed over the past three months by price range: