2017 shaping up to be fastest housing market on record

A real estate agent readies a house for viewing in Venice, Calif. Anne Cusack / Los Angeles Times | Getty Images

CNBC

Homes are flying off the shelves this spring, as demand rises and supply continues to drop.

Record high prices in some local markets are not thwarting hungry buyers, as they rush to take advantage of the lowest mortgage rates of the year.

Home sales jumped nearly 9 percent in March compared with March 2016, even as the number of homes for sale plunged 13 percent, according to a new report from Redfin, a national real estate firm.

Related: Low inventory leads to high Flagstaff home prices

That demand dynamic further increased competition in the market, resulting in the fastest average sales pace since Redfin began tracking in 2010. The typical home went under contract in just 49 days, down from 60 days a year ago.

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