Housing inventory continues to slide across the U.S., increasing competition among first-time homebuyers.

The average time to close varies significantly from the East to West Coast, according to the Ellie Mae Millennial Tracker. The average time for Millennials, those born from the 1980s to the mid-1950s, to close a loan sits at 60 days in New York, up significantly from the 37 days in California.

Across the country, the average time to close was 44 days in July. The average time to close conventional loans remained steady at 43 days as the average time to close an FHA loan increased one day to 44 days in July.

The time it took Millennials to close a VA loan dropped from 46 days to 42 days, and the time it took to close an FHA loan saw the most change as it jumped from 45 days to 50 days in July.

The average time Millennials took to close a purchase loan held steady at 42 days from June to July while the average time to close a refinance decreased two days to 46 days in that same period.

“Between the competitive housing market with limited inventory and the 30-year note rate at a 2017 low, some Millennial homeowners may be deciding to stay put and take advantage of the opportunity to refinance,” said Joe Tyrrell, Ellie Mae executive vice president of corporate strategy. “With many more Millennials interested in becoming homeowners for the first time, however, the purchase market is still very strong.”

Total refinance activity picked up to 11% of all closed loans among Millennials in July, up from 10% in June. Consequently, purchase loans decreased one percentage point to 89% of all closed loans among Millennials.

The Millennial Tracker also showed FICO scores increased slightly to 724 in July, up from 723 in June but down one point from July last year. The average FICO score for purchases came in at 748 for conventional loans, 688 for FHA and 742 for a VA loan.