It was largely a year of recovery for housing across our nation. Markets resolved to shed their excess weight, appeal to both existing homeowners and renters alike, and learn to play nicer with banks. But there's more work to be done.

Here's how the final month of 2012 finished up:

• New Listings were down 23.3 percent to 6,692.
• Pending Sales increased 16.5 percent to 6,762.
• Inventory shrank 30.0 percent to 36,647 units.
• Prices turned higher as Median Sales Price was up 25.3 percent to $121,500.
• Days on Market decreased 10.4 percent to 95 days, the twelfth consecutive month of year-over-year declines.
• Months Supply of Inventory was down 36.0 percent to 4.8 months, indicating that demand increased relative to supply. 

Economic growth is on an upward trend and several prominent housing indices continue to showcase market turnaround. Momentum is on our side, though it won't necessarily be fast, consistent or universal. But after five or six challenging years, it's a welcomed change of pace. Plenty of opportunity lies ahead. Here's to a healthy and prosperous year!

Click here to read the full report for December 2012