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Real Estate

Realtors: US homes selling at faster pace

U.S. homes are taking less time to sell than a year ago, reflecting more homebuyer demand and fewer bank-owned homes and other properties available for sale in some markets.

The National Association of Realtors said Wednesday that the median time a previously occupied home was listed for sale shrank in July to 69 days. That's down from 98 days in the same month last year.

One-third of the homes purchased in July were on the market for less than a month, while one in five was on the market for at least six months.

A home's median time on the market has been declining steadily since January.

The trend is good news for sellers and comes as the inventory of homes available for sale has been tightening.