Homebuyers move quickly as options dwindle

People-runningBy Natalie Dolce | GlobeSt.

Buyers need to act quickly, according to one report, as homes are flying off the market faster than at any time since 2010.

Homes are selling an average of a week faster than they did a year ago, meaning home shoppers should be prepared to move quickly in a competitive housing market, according to the June Zillow Real Estate Market Reports. Tight inventory continues to be a major factor for home shoppers.

The supply of homes for sale is nearly 5% lower than it was a year ago, and 38% lower than its peak level in 2011, the report says. With fewer available options, home shoppers are moving quickly to buy homes, with the average US home closing after 78 days on the market.

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