Homes are selling faster in most U.S. markets than they were a year ago, according to recent data that looked at the largest housing markets in the country. Compared with June 2011, the average number of days homes spend on the market has fallen by nearly 10%, and in some areas, such as Oakland, Calif., the average time on market has decreased by nearly 50%.
According to the data, published last month by Realtor.com, the average U.S. home spent 84 days on the market in June. In 10 housing markets, homes spent 48 days or less on the market before being sold.
Based on Realtor.com's report, 24/7 Wall St. identified the 10 cities where homes sell the fastest. The top five are published below; to see the rest, visit the 24/7 Wall St. website:
The 10 metropolitan areas tend to be in states that have been hit especially hard by the economic downturn. Five of them are in California, which was sixth in 24/7 Wall St.ís recent list of states with the highest percentage of underwater mortgages. Another metro area is in Michigan, which ranked fifth in the underwater mortgage list, while yet another metro area is in Arizona, which had the second-highest rate of underwater mortgages.
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U.S. cities where homes sell the fastest - Yahoo! Homes