California, Colorado cities have top home sales in US

Existing home sales rose 3.4 percent to an annual rate of 4.62 million units in April.

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A new study reports US homes are selling at a much faster rate than they did a year ago in most of the country's largest markets.

According to research by Realtor.com, houses today are selling 10 percent faster than they did in June 2011. That means, they are spending fewer days on the market before they are sold.

The study, published Tuesday, said in certain areas like Oakland, Calif., outside San Francisco, homes are on the market only about half as long as they were this time last year, according to 24/7 Wall St. Wire.

More from GlobalPost: US pending home sales rise in May

Last month, the average American home spent 84 days on the market. But in the top 10 housing markets, homes spent 48 days or less on the market before being sold. In Oakland, homes spent just 24 days on market, making it the country's top selling area.

The other top ten cities included Oakland, Calif., Denver,  Colorado, Anchorage, Alaska, Bakersfield, Calif., Seattle-Bellevue-Everett, Wash., San Francisco, Calif., San Jose, Calif., and Phoenix-Mesa, Arizona, wrote 24/7 Wall St. Wire.