Good news for sellers. A tighter housing inventory means the typical time for a home to be on the market is shrinking, reports the National Association of REALTORS® (NAR). Nationally, the median time for a home to be listed for sale was 69 days in July, a 29.6 percent drop compared to 98 days a year ago, NAR said.
The supply of homes for sales has also declined and NAR Chief Economist Lawrence Yun said in a news release that there is a connection between available inventory and time on market:
“As inventory has tightened homes have been selling more quickly,” he said. “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.”
In other news:
Here’s More Evidence That Home Prices Have Hit Bottom – Wall Street Journal