The seasonally adjusted annualized pace of existing homes sales in March of 5.71M was the fastest rate in a decade. Alongside, the median sales price was up 6.8% Y/Y. Available inventory fell 6.6% to 1.83M homes.
At the current pace of sales, it would take 3.8 months to sell all homes on the market. Anything less than 5 months is considered to be a tight market.
Now read: Zillow: Where Do We Go From Here? »