Homes Selling Faster Than Ever

It took 81 days to sell the median U.S. home in 2017, nine days faster than the year prior, said Zillow, Seattle.

Zillow reported the single fastest-selling month in 2017 was June, when the typical U.S. home sold in 73 days. Homes sold faster in 2017 than in 2016 in nearly all of the biggest 35 housing markets.

Zillow Senior Economist Aaron Terrazas said since it can take between four and six weeks to close a home sale, that means that the typical home was on the market for around 30 days before going under contract.

This week RE/MAX, Denver, reported average days on market for homes sold in March was 60, down two days from February and down four days from a year ago

"As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility," Terrazas said. "This is shaping up to be another competitive home shopping season for buyers, who may have to linger on the market until they find the right home but then sprint across the finish line once they do.

Zillow reported inventory across the country has fallen on a year-over-year basis for 37 consecutive months, leaving fewer options for buyers. Last year, nearly a quarter of all homes sold for more than the listed price, signaling that tight competition may be leading to bidding wars and driving prices higher. The fastest-selling market in 2017 was San Jose, Calif., where the typical home sold in 41 days. San Jose also experienced the biggest drop in inventory over the past year, with 26.8 percent fewer homes to choose from than a year earlier. Homes in San Jose sold fastest last year in October, with a span of just 39 days from listing to closing.

Written and posted on mba.org on April, 19 2018