During the spring and summer, homes were selling fast. So fast that the typical home was on the market less than a month. And while home buyers should still expect desirable homes to go quickly, there may be some relief in sight.
New numbers from the National Association of Realtors show that the majority of homes are now on the market a little more than a month. Properties typically sold in 32 days in September, an improvement from August when homes moved in just 29 days.
Lawrence Yun, NAR’s chief economist, says a trend may be developing. “There is a clear shift in the market with another month of rising housing inventory on a year over year basis, though seasonal factors are leading to a third straight month of declining inventory,” Yun said. “Homes will take a bit longer to sell compared to the super-heated fast pace seen earlier this year.”
At the current sales pace, there is a 4.4-month supply of available homes for sale. A 6-month supply is generally considered a healthy market.