The supply of homes is not able to keep up with demand, particularly from first-time buyers and current homeowners looking to move now.
Homes are selling more quickly this year than last year in 27 of the nation’s 35 largest metro housing markets – in some cases, much more quickly, according to Zillow‘s Q2 housing market update.
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“This increasingly fast-moving market is largely a product of increasingly tight inventory,” Zillow says. “The number of homes for sale nationwide as of the end of Q2 was down 4.7 percent from the same time a year earlier, and was down year-over-year in 24 of the largest 35 metro markets.”
Moreover, the number of homes for sale nationwide has fallen on an annual basis for the past 17 straight months, and in 46 of the past 55 months.
Homes are selling more than two weeks faster this spring compared to a year ago in Charlotte (70 days), Philadelphia (98 days) and Pittsburgh (97 days).
The Zillow Home Value Index rose 5.4 percent over the last year, to $187,000 in June. Rents rose 2.6 percent to a Zillow Rent Index of $1,409.
Zillow’s conclusion: “It all adds up to a very competitive market for buyers, and a fast-moving (and potentially very lucrative) market for sellers. In an environment where one may have only a few days to decide to make an offer on a home, it’s critical that buyers and sellers enter the market prepared and with clear eyes, and to resist the temptation to settle for a home that may not suit their needs in the interest of just buying a place.”