Homes Are Selling Faster

Homes Are Selling Faster

The time it takes to sell a home is shrinking. In fact, the selling period is now in the range of historic norms for healthy market conditions. 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, according to a recent report from the National Association of Realtors.

The median reflects a wide spectrum; one third of homes purchased in July were on the market for less than one month, while one in five was on the market for at least six months. Lawrence Yun, NAR chief economist, said there is a clear relationship between inventory supply 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"

With interest rates at historic lows, if you can find the right house, its a great time to "jump in"

Andrew Walker

Your Randolph, NJ Real Estate Expert!

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Phone: 201-424-8628
Dated: October 9th 2012
Views: 1,164
About Andy: Having lived in New Jersey for over 20 years, I have been a top producing Realtor and member of the ...

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