Homes showfast sales pace despite shortages

On average, homes now stay on the market for 78 days before closing— aweek less than a year ago. It’s the most rapid sales since 2010.

Homes are selling an average of aweek faster than they did a year ago, meaning home shoppers should be prepared to move quickly in a competitive housing market, according to the Zillow Real Estate MarketR eport. Here are a few key points in their report:

“Tight inventory continues to be a factor for home shoppers. The supply of homes for sale is nearly 5 percent lower than itwas a year ago, and 38 percent lower than its peak level in 2011. With fewer available options, home shoppers are moving quickly to buy homes, with the average U.S. home closing after 78 days on themarket.

“The 78-day average includes the time it takes to close, which is usually one or two months after the home goes under contract. This means that homes are pending within about amonth of being listed.

“The length of time homes stay on the market before selling has been steadily decreasing since 2010, when homes took an average of five months to sell.

“The low inventory and quick-moving market combine to create a competitive home-shopping market, especially for potential buyers looking for less-expensive homes. Themost expensive third of the market has experienced the smallest drop in available inventory.”

Q:What region of the country is showing the strongest housing improvement?

A:FreddieMac released itsMulti-Indicator Market Index, showing two additional states, Mississippi andMaryland, and eight metro areas entering their historic benchmark levels of activity: Louisville, Kentucky; Jacksonville, Florida; Allentown, Pennsylvania; Omaha, Nebraska; Syracuse, NewYork; Detroit, Michigan; Milwaukee, Wisconsin; and Lakeland, Florida.