National days-on-market declines 30 percent
Monday, September 10, 2012
The typical amount of time it takes to sell a home is shrinking, and for traditional sellers is now in the range of historic norms for a balanced market, according to the National Association of REALTORS®.
The median time a home was listed for sale on the market was 69 days in July, down 29.6 percent from 98 days in July 2011.
Lawrence Yun, NAR chief economist, explains there is a clear relationship between inventory supply and time on market. "As inventory has tightened homes have been selling more quickly,” he says. "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.”