56% Of Homes Sell In Under A Month
If you're shopping for a house this summer, you should be prepared to move fast. That's because homes are selling quickly so far this season and new numbers from the National Association of Realtors show the trend continuing through June. In fact, 56 percent of the homes sold during the month were on the market for less than a month. The typical property lasted just 27 days, which is up from 26 days the month before. Lawrence Yun, NAR's chief economist, says the housing market is imbalanced and it's leading to higher prices and more competition for available homes. “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” Yun said. However, like all things real estate, your location will determine the conditions you encounter when shopping for a house. For example, home sales in the Midwest and Northeast – where inventory isn't quite as tight – increased in June. The South and West, on the other hand, saw declines. More here.