Seattle’s active inventory decreased by one of the largest margins in the United States in December, according to the latest RE/MAX National Housing Report.

The total number of homes on the market shrunk by 29% last month, with 3,711 properties, compared to 5,224 a year prior. The only markets with larger margins of decrease were Las Vegas, where active inventory fell 36.4% year over year, and Trenton, New Jersey, where inventory shrunk by 29.8%.

Home sales decreased by 11.7% year over year. Given the pace of sales, Seattle had only a 0.9-month inventory supply at the end of the month — well below the six-month supply seen in a balanced market where neither sellers nor buyers have an advantage.

“Typically, the new year brings a trickle of new home listings that grow in volume through the spring selling season. So far, there is no indication that supply in the greater Puget Sound region is loosening,” John Manning, managing broker of RE/MAX Gateway, said in the report. “We remain at critically low levels of housing availability while buyer numbers remain high. New initiatives by the legislature to dramatically increase property taxes may cause a shift in the market, particularly as seniors and those on fixed income have to grapple with taxes that approach monthly mortgage-payment levels.”

Meanwhile, Seattle housing prices have risen 7.1% annually, reaching a median of $675,000 in December.