Homes Are Selling Faster as Inventories Fall
Daily Real Estate News | Friday, November 02, 2012
The median time a home is on the market nationwide? Just 69 days.
The number of days on the market nationwide has fallen nearly 30 percent from year-ago levels.
Meanwhile, inventory levels are hovering at all-time lows, with the number of homes for-sale down 31.2 percent from a year ago. The inventory is at a 6.4-month supply of homes on the market, as of July data.
"As inventory has tightened, homes have been selling more quickly," says Lawrence Yun, the National Association of REALTORS®' chief economist. "A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren't often languish on the market."
For comparison, the time on the market for non-distressed homes peaked at 10 weeks in 2009. During the housing boom between 2004 and 2005, for example, the median selling time was just four weeks.
Source: “Low Inventory Levels Sells Homes Quick,” Realty Times (Nov. 2, 2012)