Homes Are Selling Lickety-Split

Home sales last month rose to their fastest pace in any February since 2007, according to Realtor.com. Listings were on the market for a median of 98 days, down from 123 days in February 2011. Eight of the 10 fastest-moving markets were in California, and nearly all saw big declines in available inventory. The average drop-off was 48 percent from a year earlier for the markets experiencing the tightest squeeze on supply, while the drop in the 146 metropolitan regions for which Realtor.com has listing data was 16 percent. In 18 cities outside of California, the median number of days on the market was fewer than 60 — including in Phoenix, the District of Columbia, Detroit, Minneapolis, Atlanta, Dallas, Orlando, and Fort Lauderdale. | Read More