Job growth is boosting the economy and housing demand, but sales are hemmed in by low inventories in many parts of the country. When houses go on the market, they’re selling fast. Tight demand is sending prices up, at a rate of about 6 percent a year, far outpacing wage growth. As that gap widens, more households will be priced out of the market.
Homes are selling quickly: a median of 28 days, the fastest pace on record. Before this summer, that number had never dipped below 30. Utah has the hottest markets, with the typical home in the state selling in just 20 days. Wyoming, with its hard-hit energy sector, has the slowest, at 105 days on market. Here are states with the fastest and slowest home sales.