New numbers from the National Association of Realtors show just how quickly homes are selling these days. Their September existing-home sales report found that not only were sales of previously owned homes up 20.9 percent over last year’s pace, but 71 percent of homes sold during the month were on the market for less than a month.
In fact, the typical property was on the market for just 21 days. That’s an all-time low. Lawrence Yun, NAR’s chief economist, says the usual seasonal sales patterns may not apply this year. “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Yun said. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”
The combination of spiking buyer demand and an unusually low number of homes for sale means home buyers this fall should be prepared for summer-like conditions – with prices up, homes selling quickly, and potential competition for the best listings. (source)