In some cities across the country, homes are selling faster than ever.
Nationally, properties typically stayed on the market for 34 days in June, the shortest number of days since the National Association of REALTORS® began tracking in May 2011. Short sales spent the most time on the market with a median of 129 days, foreclosures sold in 39 days, and non-distressed homes were on the market for 33 days. NAR reports that 47 percent of homes sold in less than a month in June.
Read more: Home Prices Reach an All-Time High
The real estate brokerage Redfin’s barometer is showing the median time on the market dropped to just 26 days in June, the shortest time on record. In some hot housing markets, homes were falling under contract in 11 days or less.
Denver homes sold in six days or fewer in June; Seattle’s median was nine days; Portland was 10 days; and Boston was 11 days, according to Redfin.
But some cities are seeing longer selling times. For example, the median time on the market for homes in Brownsville, Texas was 122 days; Myrtle Beach, S.C., was 105 days; Miami was 75 days; and metro New York 68 days, according to June data from realtor.com®, which is based off of information from local MLSs nationwide.
The strength of the local economy, employment and income growth, and low inventories of homes for sale compared to demand are all factors that lead to faster selling times, according to economists.
Source: “Selling Times Reaching New Lows,” The Seattle Times (July 28, 2015) and “Home Prices Reach an All-Time High,” REALTOR® Magazine Daily News (July 23, 2015)