The average home has been on the market for just 61 days, according to January data from Realtor.com. This is the fastest speed ever.
Homes are selling faster in several metropolitan markets. In Nashville, the average is only 29 days. In Denver, 35 days. Las Vegas had a rate of 38 days and Seattle had 39 days.
The market is suffering from ultra-thin supply. New listings fell 9% year over year in January. Total inventories fell 28%.