Diminishing inventory can often force buyers to bump shoulders as they race against the clock to appease sellers. In its June market report, Zillow says the average selling time was one full week faster than last year, further exemplifying how competitive the U.S. market has grown. The supply of homes dropped 5 percent year-over-year in June, Zillow says. At its highpoint in 2011, the supply was a staggering 38 percent higher than it is now. Due in part to diminishing supply, the average selling time was 78 days until closing in June. In 2010, the average time on the market was 10 months. While shorter sales can make sellers optimistic, buyers without big budgets also have less leverage when it comes to landing their perfect properties. Adding to the inventory problem is the fear many sellers hold about becoming a buyer again, says Zillow Chief Economist Svenja Gudell. And trade-up seller hesitation is adding to the cycle even further, the report says. Coa...
- Average time on the market in June was one week faster than last year.
- At its highpoint in 2011, the supply was a staggering 38 percent higher than it was in June.
- The average selling time in the U.S. was 78 days until closing, compared to 10 months in 2010.
- Despite San Francisco's time on the market being the lowest of major metros, inventory rose 4.4 percent.
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