Homes selling at an increased pace in 2012
Posted on Friday, September 7, 2012 at 3:29:26 PM
Recent accounting of the housing market shows that the average time it takes to sell a home is decreasing to pre-recession levels. According to the National Association of Realtors, the median time a home was listed for sale on the market was 69 days in July 2012 - down 29.6 percent from 98 days for the same month in 2011.
"As inventory has tightened homes have been selling more quickly," Lawrence Yun, the NAR's chief economist 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."
According to the source, the median encompasses a wide spectrum of homes, including outliers. Approximately one-third of the homes purchased in July 2012 were on the market for less than a month, while one in five properties were listed for sale for at least six months. The wide disparity could be a boon for potential homebuyers considering the market. Properties listed for sale for an extended period of time may be more affordable and require a reduced amount of residential financing.