Houses may be more expensive than they were a year ago, but they are selling faster. Residences listed on real estate marketplace Zillow sold in September spent just 86 days on the site—a full 30 days faster than a year earlier.
The reason is no mystery: The supply of available properties is down more than 7 percent year over year, while demand has risen, according to the National Association of Realtors.
"The declining inventory of for-sale homes over the past year naturally creates pressure for buyers to more quickly snap up the inventory that is on the market," said Stan Humphries, chief economist at Zillow. "This demand has been fueled by huge resets in home prices since [the] market peak, historically low mortgage rates and a slowly improving broader economic climate,"