Interested in buying a new home? Chances are your top choices won’t stay on the market for long.
According to new data from online residential real estate site Trulia, the number of days the average home in the U.S. was on the market in April was 64, which is the lowest amount since the recession. That figure is also down nearly 17% since last year, and more than 53% since 2010.
Of the 100 metro areas examined by Trulia, not a single one has seen its list-to-sale time increase since the same period eight years ago.
The cities where homes were on the market for the least amount of days were Seattle, San Francisco and San Jose, California. In each of these West Coast metropolitan areas, the average listing time for a property was about 36 days.
Oakland, California and Denver were the fourth and fifth fastest moving markets, where homes were listed for about 38 and 41 days, respectively.
On the flip side, the East Coast had some of the longest listing periods, with properties in Syracuse, New York remaining on the market for an average of 144 days. Homes on Long Island, New York took about 132 days to sell, while properties in New York City had an average listing rate of 128 days.
Starter homes also moved faster than premium homes, Trulia found, by an average of 15 days.
Listing times could decline even further throughout the coming months, as the housing market heats up.
This trend is the result of an inventory crunch troubling the industry. Home construction per household is near its lowest level in 60 years, according to the Federal Reserve Bank of Kansas City, and the National Association of Home Builders predicts there will be fewer than 900,000 new home starts this year, even though the market could absorb 1.2 million to 1.3 million.
Demand, on the other hand, is strong. The U.S. economy is slowly picking up steam, the labor market is improving and the demographic outlook is progressing.
These factors combined are a recipe for rising prices, which is bad news for first-time buyers.
Home prices are now higher than they were at the peak of the housing boom. The National Association of Realtors and Freddie Mac estimate that median price growth will accelerate by 3.5% in 2018, and in some cases will rise faster than income gains over the coming years.