Homes Still Selling Fast Heading Into Fall
With home buyer demand starting to slow along seasonal trends, properties for sale are staying on the market slightly longer. For transactions that closed in July, the homes were typically on the market for 42 days, according to the latest REALTORS® Confidence Index. The National Association of REALTORS® notes that the number of days on market typically rises after June because of seasonal changes and an overall slowdown in the housing market heading into fall.
But with inventory still tight, properties are moving faster than they did a year ago — when they averaged 48 days on the market, according to NAR. In July, 43 percent of sold properties spent less than a month on the market.
Properties are selling particularly fast in a pocketful of markets. In New Jersey you’l find median days on market to be 61-90; as NAR research indicates, this is less than average when compared to Spring.
Source: National Association of REALTORS®