US homes are selling at their fastest pace in more than two years, according to Zillow’s latest market report.
Despite low inventory, newly pending sales increased 2.1% week over week and 13.7% month over month as buyers returned to the market. Homes were also selling faster than they have since 2018, with homes typically staying on the market for just 21 days.
However, the national housing inventory is now 18.8% lower than this time last year, down 0.6% week over week. The share of new for-sale homes in the US also dropped 1.2% week over week, though they remained up 3% from May.
With the number of available homes getting smaller with every passing day, list prices continue to climb as well. The median list price nationwide is now $335,160, up 0.7% from the previous week and 3.2% higher than a year ago.
List prices also grew in 45 of the 50 largest markets. Cincinnati saw the largest gain at 15.8%. Philadelphia was close behind with an 11.6% gain, followed by Pittsburgh and Kansas City with 9.9% and 9.7% increases in list price, respectively.