Morning Minute: NAR reports homes selling faster, time on market dropping

Good news for sellers. A tighter housing inventory means the typical time for a home to be on the market is shrinking, reports the National Association of REALTORS® (NAR). Nationally, the median time for a home to be listed for sale was 69 days in July, a 29.6 percent drop compared to 98 days a year ago, NAR said.

The supply of homes for sales has also declined and NAR Chief Economist Lawrence Yun said in a news release that there is a connection between available inventory 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.  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.”

In other news:

Here’s More Evidence That Home Prices Have Hit BottomWall Street Journal

Housing Improves in Hard-Hit Swing StatesCNN

This entry was posted in Housing Market, Uncategorized by Stephanie Sievers. Bookmark the permalink.

About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

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