Single family residential (SFR) closings for February were up 3.3% from January and 8.8% better than February 2010. The median sales price of an SFR also improved by just over 2% to $128,000. Overall inventory continues to slowly shrink even as demand remains steady. This is also true for REO inventory which has dropped from a recent high of 3600 available properties to under 2900 as of this report. Reports of phantom inventory may be more myth than reality based on this fact!