Zillow saw homes on its site sell 25.9 percent more quickly in September than they did a year ago. Homes spent a median of 86 days for sale on Zillow in September, down 30 days from the sales rate of homes listed on the site in September 2012, according to Zillow.
To correct for homes listed and then pulled and then relisted without a sale taking place, Zillow treated all homes reposted within a 40-day period as one listing.
“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 Zillow Chief Economist Stan Humphries in a statement. “This demand has been fueled by huge resets in home prices since market peak, historically low mortgage rates and a slowly improving broader economic climate.”
Realtor.com, which has direct listing feeds from more than 800 multiple listing services in the U.S., accounting for 98 percent of homes listed for sale in the U.S., also reported fresher inventory in September from a year ago, with the median age of its inventory dropping 10.6 percent to 93 days.