Forty-three percent of homes sold in October were on the market for less than a month, according to the latest housing report by the National Association of REALTORS®.
The following metros saw listings stay on the market the shortest amount of time in October, according to realtor.com data;
- San Francisco-Oakland-Hayward, Calif.: 35 days
- San Jose-Sunnyvale-Santa Clara, Calif.: 37 days
- Seattle-Tacoma-Bellevue, Wash.: 42 days
- Nashville-Davidson-Murfreesboro-Franklin, Tenn.: 43 days
- Denver-Aurora-Lakewood, Colo.: 44 days
Inventory pressures have led to faster sales in some parts of the country as high buyer demand is met with limited choices of homes for sale.
Nationwide, total housing inventories dropped to 2.02 million existing homes available for sale by the end of October, 4.3 percent lower than a year ago, NAR reports. Unsold inventory is now at a 4.3-month supply at the current sales pace.
But there is hope that the inventory picture will improve in the coming months.
“The ramp-up in housing starts in October is a hopeful sign that overall supply can steadily increase enough to provide more choices for buyers and also moderate price growth,” says Lawrence Yun, NAR’s chief economist. “A prolonged continuation of the robust single-family starts pace seen last month (869,000) would go a long way in giving homeowners much-needed assurance that they can list their home for sale and find a new home to buy within a reasonable time frame.”
Source: National Association of REALTORS * .com