Zillow reported that homes are being sold at their fastest pace since June 2018. According to the report, homes sold in the second week of June 2020 stayed on the market for just 22 days, and are being sold the fastest in the Midwest region.
The industry has been experiencing limited inventory, as sellers pull back from the market more than buyers. This has kept home prices steady even during the COVID-19 pandemic. Luckily, more homes are making their way onto the market. Zillow reported a 14% increase in new listings and those who listed homes in the past few weeks were able to make quick sales.