Typical Home For Sale Sells In 44 Days

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The most recent Realtors Confidence Index found that homes sold faster in June than the month before. It marked the sixth-consecutive month that properties sold more quickly than the previous month. According to the report – released by the National Association of Realtors – there was improvement across all categories, though short sales and foreclosed properties were on the market longer than non-distressed properties. In fact, short sales typically took 120 days to sell and foreclosures were on the market an average of 54 days. With demand to buy currently higher than the supply of available homes, 42 percent of participating Realtors reported properties were on the market for less than a month before selling. Overall, the average home sold in June was on the market for 44 days. The number of days it takes to sell a home has been dropping recently, largely due to the fact that for-sale inventory has been low in many local housing markets. With fewer houses available to buy, those that are for sale sell quickly. Inventory, however, has been rising since the beginning of the spring and summer selling season and particularly in states such as California, Florida, and Utah. More here.

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