Growing Demand, Fewer Choices
According to an NAR analysis, the buyer’s market window is starting to shrink. Data from NAR surveys show houses are selling faster with less time on the market. These findings demonstrate a general balance between home buyers and sellers in much of the country.
Housing inventory was at a 6.1- month supply at the end of August. This is 25.6 percent below a year ago when the supply was 8.1 months. A notable tightening of days-onmarket started in the spring. This equilibrium supports sustained price growth because correctly priced homes usually sell more quickly.
“Is the Window Closing?” During the peak of the housing boom in 2004 and 2005, inventory levels averaged 4.3 months and the median selling time was 4 weeks. In 2009, during the economic downturn, time-onmarket peaked at 10 weeks, with a 10-month annualized supply. Talk to a Realtor® about whether these trendsreflect activity in the local housing market. How do current sales measure against sales from a few years ago? Interview buyers and sellers about their experiences in today’s market.