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Low inventories and escalating prices continue to define residential real estate markets across the country. Low mortgage rates are a boon for business, but first-time buyers need a greater supply of homes and easier financing to get them back into the market at normal levels.
The median number of days a home sits on the market before being sold has fallen by more than half over the last four years, from 98 days to 46 days. The sales pace for distressed homes, by contrast, has bounced up and down, but those homes comprise a steadily shrinking share of the market.
