Us homes selling faster than a year ago

US homes are selling more quickly than they did one year ago, according to Zillow, spending an average of under three months on the market.

The report shows that homes sold in the US on the site in September 2013 were listed for an average of 86 days before being finding a buyer – 30 days quicker than the 116 days in September 2012.

Zillow’s proof of improving selling conditions arrives despite data from the National Association of Realtors suggesting that sales have slowed in recent months due to rising house prices. Indeed, climbing interest rates have made mortgages more expensive for buyers compared to recent record lows, leaving some buyers deterred from signing on the dotted line. Indeed, pending transactions slipped for the fourth month in a row in September.

Nonetheless, the market remains more favourable for both sellers and buyers compared to one year ago – a trend backed up by Zillow’s year-on-year figures.

“The declining inventory of for-sale homes over the past year naturally creates pressure for buyers to more quickly snap up the inventory that is on the market. This demand has been fueled by huge resets in home prices since market peak, historically low mortgage rates and a slowly improving broader economic climate,” said Zillow Chief Economist Dr. Stan Humphries.