The amount of time it takes to sell a home has fallen dramatically over the past year, according to new estimates. In July, the median amount of time a home was on the market was 69 days, which is 29.6 percent below last year when it was 98 days. The data, released by the National Association of Realtors, shows that one third of the homes sold in July were on the market for less than a month. Lawrence Yun, NAR’s chief economist, said tightening inventory has caused homes to sell more quickly. Yun says the trend began in the spring and is supporting sustained price growth in markets around the country. At the current sales pace, there was a 6.4-month supply of homes for sale on the market in July, a 31.2 percent drop from last year. More here and here.

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