About a quarter of the homes listed for sale in Seattle are selling in fewer than seven days, according to the real estate brokerage ZipRealty in its latest market report.
The supply of homes for sale was at 4.7 months in February, according to National Association of Realtors data. A 6-month to 7-month supply is considered more balanced.
The tight supply is leading to higher home prices in Las Vegas; Orange County, Calif.; Sacramento, Calif.; Denver; Washington, D.C.; and Austin, Texas.
However, tight inventories are showing signs of easing around the U.S. In 21 of the 24 major metro markets, new listings are outnumbering new sales contracts, according to ZipRealty.