Homes are selling faster in the majority of U.S. markets than they were a year ago, according to data released Tuesday. The report, which looked at the largest housing markets in the country, shows that compared to June 2011, the average number of days homes spend on the market has fallen by nearly 10%. In some areas, such as Oakland, Calif., the average days on market has decreased by nearly 50%.
According to the data, published by real estate trends site Realtor.com, the average U.S. home spent 84 days on the market last month. In 10 housing markets, homes spent 48 days or less on the market before being sold. In Oakland, homes spent just 24 days on market. Based on Realtor.com‘s report, 24/7 Wall St. identified the 10 cities where homes sell the fastest.
Realtor.com provided information on the median age of inventory, total listings and median home values for June, along with the year-over-year change in each of these categories. Realtor.com also provided a rank of the metro areas most searched for on its website in June. Meanwhile, 24/7 Wall St. looked at several pieces of data from RealtyTrac to gain a broader context of the economic state of the metropolitan areas. In addition to looking at the metro area foreclosure rate in June, we looked at the unemployment rate for June and median family income as of the end of 2011 .
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