With home buyer demand starting to slow along seasonal trends, properties for sale are staying on the market slightly longer. For transactions that closed in July, the homes were typically on the market for 42 days, according to the latest REALTORS® Confidence Index. NAR notes that the number of days on market typically rises after June because of seasonal changes and an overall slowdown in the housing market heading into fall.
But with inventory still tight, properties are moving faster than they did a year ago — when they averaged 48 days on the market, according to NAR. In July, 43 percent of sold properties spent less than a month on the market.
Short sales are on the market for the longest time, at 135 days, while foreclosed properties are staying on the market an average of 49 days. Non-distressed properties averaged 41 days, according to NAR.
Source: “In What States Did Properties Sell Quickly in May-July 2015?” National Association of REALTORS® Economists’ Outlook blog (Sept. 1, 2015)