Homes Selling at Record Pace Due to Tight Supply
Englewood Cliffs, NJ, June 16, 2017-In May, the average house sat on the market only 37 days, according to a CNBC article called “Home are selling at a record-setting pace…again” by Diana Olick.
“The average house sold in May went under contract in just 37 days, that's the fastest reading since Redfin, a real estate brokerage, began tracking the market seven years ago. The previous record, set in April, was 40 days.
“Homes are selling faster than ever because supply is tight and demand is high. The number of listings in May was nearly 11 percent lower than in May 2016, leaving just 2.7 months of supply - another record low in the Redfin report. As a reference point, the National Association of Realtors considers a six-month supply to be a balanced market between buyers and sellers.”
Homes sold fastest in Denver, Colorado; Seattle, Oregon; Grand Rapids, Michigan; Portland, Oregon and Omaha, Nebraska. In Denver, homes averaged only six days on the market.
“The tight supply is only pushing home prices higher,” the article continues. “The median price of a home sold in May jumped 6.8 percent compared with a year ago. That is about triple the average income gains and may already be hurting sales, as affordability weakens.”