Still, the surge in sales has been encouraging for sellers and their agents, who, for part of 2020, stopped counting days on market altogether, because of dim prospects.

At the pace of sales during the third quarter of 2020, it would have taken more than 20 months to sell off all the existing inventory — the second-worst pace of sales in more than two decades. This last quarter, there was just 5.1 months of supply, when the average in the last decade was 7.2 months.

“That’s why the market feels so incredibly fast,” Mr. Miller said. “I think we have a couple quarters ahead of us with a very brisk pace.”

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