Homes Selling Faster

According to findings by the NATIONAL ASSOCIATION OF REALTORS®, the time it takes to sell a home is shrinking.

The median time a home was listed for sale in July this year was just 69 days. That’s down nearly 30 percent compared to 1 year ago. In fact, nearly one third of homes bought in July were on the market for under a month.

NAR Chief Economist Lawrence Yun sees a clear connection between the tight inventory conditions and time on the market, saying that the shortening of time on market began this spring, which has led to more of a balance between buyers and sellers across the country. This equilibrium is supporting sustained price growth and homes that are correctly priced are tending to sell quicker. Prices are projected to rise through the rest of this year and into next.

Courtesy of http://retradio.com/?p=6326