According to Zillow's Weekly Market Report, intense and persistent buyer demand is keeping the time on market for houses at incredible lows and pushing prices ever higher.

Robust buyer-side demand persisted through October and for the fourth consecutive week houses are typically staying on the market for just 12 days, a full 17 days faster than last year. 

Available inventory fell for the 23rd straight week and is now down 37% compared to last year. Demand for homes is still sky high, while current homeowners cite a lack of confidence in their ability to secure and afford a new home among reasons they're not selling. New listings dropped 7.4% year over year and by 7.9% in the last week of October. 

Median property prices have risen every week since early May and are now up 11.8% in the past 12 months.