On average, homes now stay on the market for 78 days before closing — a week less than a year ago. It's the most rapid sales since 2010.

Homes are selling an average of a week faster than they did a year ago, meaning home shoppers should be prepared to move quickly in a competitive housing market, according to the Zillow Real Estate Market Report. Here are a few key points in their report:

"Tight inventory continues to be a major factor for home shoppers. The supply of homes for sale is nearly 5 percent lower than it was a year ago, and 38 percent lower than its peak level in 2011. With fewer available options, home shoppers are moving quickly to buy homes, with the average U.S. home closing after 78 days on the market.

"The 78-day average includes the time it takes to close, which is usually one or two months after the home goes under contract. This means that homes are pending within about a month of being listed.

"The length of time homes stay on the market before selling has been steadily decreasing since 2010, when homes took an average of five months to sell.

"The low inventory and quick-moving market combine to create a competitive home shopping market, especially for potential buyers looking for less expensive homes. The most expensive third of the market has experienced the smallest drop in available inventory compared to the rest of the market."

Q: What region of the country is showing the strongest housing improvement?

A: Freddie Mac recently released its Multi-Indicator Market Index, showing two additional states, Mississippi and Maryland, and eight metro areas entering their historic benchmark levels of housing activity: Louisville, Kentucky; Jacksonville, Florida; Allentown, Pennsylvania; Omaha, Nebraska; Syracuse, New York; Detroit, Michigan; Milwaukee, Wisconsin; and Lakeland, Florida.

Q: Are home sales up this summer?

A: Here's an optimistic report from realtor.com:

"Confirming a record-breaking summer, the residential real estate market has kept the temperature up with the hottest July in a decade, according to new data on inventory and demand on realtor.com. Homes for sale in July are moving two percent more quickly than last year as prices continue to hit new record highs.

"The median age of properties on realtor.com in July is expected to be 68 days, one day faster than last year but three days slower than last month, a normal seasonal shift. July typically sees inventory age increase as the level of inventory peaks for the year and sales begin to decline."

Q: Are mortgage rates still dropping?

A: No, at last report rates are notching up a bit. Here's a portion of the report:

"Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates ticking up slightly across the board, but remaining near historic lows.

"The 30-year fixed-rate mortgage averaged 3.45 percent with an average 0.5 point for the week. A year ago at this time, the 30-year FRM averaged 4.04 percent.

"The 15-year FRM this week averaged 2.75 percent with an average 0.5 point, up from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent."

Q: Is purchasing a home protection (warranty) plan a good idea?

A: These plans can be worth the money, but often are not. Their ads and sales people often encourage multiple year coverage and even using the plan for newly constructed homes.

Personally, I think homes that are at least 20 years old can most likely benefit from a one-year plan and justify its cost. New homes are usually covered by a builder's warranty plan.

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com. Jim Woodard's email: [email protected]. COPYRIGHT 2016 CREATORS.COM.

Photo credit: Jeremy Segrott