Homes are selling at the fastest rate ever recorded by Zillow

Homes are typically selling just 20 days after hitting the market, according to a weekly market survey published Thursday by Zillow.

It’s the shortest span ever recorded by the Seattle-based real estate tech company and it’s resulting in fewer price cuts and rising home prices.

“As surprising as it might have seemed at the time, sellers who forged ahead with listing their homes this spring were richly rewarded, when buyers buoyed by record-low mortgage rates flooded their listings with offers,” said Jeff Tucker, Zillow economist. “Now, word is getting out that the housing market is on solid ground, so more listings are belatedly rushing to market, extending the busy spring shopping season well into summer.”

“The huge Millennial first-time home-buying wave is still cresting, pushing demand above what’s still very limited supply, so sellers are likely to find eager buyers for months or even years to come.”

List prices were up 4.3 percent annually as of early July, according to the report, but have only grown 5.8 percent in the past two months, which signals a slowing down in price appreciation.