Not all price ranges are created equally, it seems.

The hardest hit price range, perhaps unsurprisingly, is the under $200K price range -- where we have seen a 52% decline in the number of homes for sale over the past two years.  Of note -- part of the problem here is increasing home values -- which prices some homes out of the "under $200K" price range.  Regardless, though, buyers looking to stay under $200K for their home purchase are having an ever more difficult time doing so.

The $200K - $300K market also had a sizable (28%) decline in the number of homes actively listed for sale as compared to two years ago. 

The $300K - $400K inventory levels stayed relatively level and the "over $400K" market saw a decline in the number of homes for sale, though this would certainly impact a much smaller number of buyers.

Depending on the price range (and location, property type, condition, size, age) you are shopping in, you are bound to find something slightly different as to the current inventory levels and recent trends in those levels.