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“Some people take more time to decide on a new pair of shoes,” Redfin joked in a blog post about the trend.

In the hottest neighborhoods, houses are moving so fast that buyers are scrambling to keep up.

“They’re going out there, presenting what they think is a really great offer,” Mr. Lewis said. “But their offer still doesn’t get accepted, because another offer ends up being much higher, or another buyer can pay cash, which is more attractive to sellers.

“We’ve seen buyers that are missing out on not just one or two, but three, four, five, even six homes,” Mr. Lewis said. “It gets exhausting and really beats you up as a buyer.”

Mr. Park said low-ball bidders are out of luck in a market where sellers are often getting more than asking price.

“It takes a few offers before buyers realize, ‘Wow, we can’t win with a full-price offer,’” he said.

But Greg McBride, senior financial analyst at Bankrate.com., predicted the market will level out.

“It would be foolish for people to expect that this is going to hold for any length of time,” Mr. McBride said. “We will see a much more modest pace of appreciation going forward.”