US Homes Are Getting Snapped Up At The Fastest Pace In 30 Years

Dated: 11/01/2017

Views: 41

(Bloomberg) -- Here’s more evidence that the defining characteristic of the U.S. housing market is a shortage of inventory for sale: Homes are sitting on the market for the shortest time in 30 years, according to an annual report on homebuyers and sellers published today by the National Association of Realtors. 

The typical home spent just three weeks on the market, according to the report, which focused on about 8,000 homebuyers who purchased their home in the year ending in June. That was down from four weeks in the year ending June 2016 and 11 weeks in 2012, when the U.S. housing market was still reeling from the foreclosure crisis. It was the shortest time since the NAR report began including data on how long homes spend on the market, in 1987.

Buyers are snapping up homes quickly at a time when for-sale listings are in short supply, forcing them to compete. The number of available properties declined in September, according to NAR's monthly report on existing home sales, marking the 28th consecutive month of year-on-year decline in inventory. 

In addition to moving fast, buyers also had to pony up to close the deal. Forty-two percent of buyers paid at least the listing price, the highest share since the NAR survey started keeping track in 2007. 

“With the lower end of the market seeing the worst of the supply crunch, house hunters faced mounting odds in finding their first home,” said Lawrence Yun, NAR chief economist, in a statement. “Multiple offers were a common occurrence, investors paying in cash had the upper hand, and prices kept climbing, which yanked homeownership out of reach for countless would-be buyers.”



©2017 Bloomberg L.P.

Bloomberg

Stay updated with News on BloombergQuint.

Latest Blog Posts

Owners Home Value Perceptions Improve In March

The gap between homeowner home value perceptions and appraisal values continued to improve in March, according to the National Home Price Perception Index released by Quicken Loans.The index found

Read More

Low Inventory Rising Rates And A Bustling Spring Market

By Liz Dominguez Spring is here, and, with it, a busy home-buying and -selling season. While real estate markets can vary widely by region, housing is currently seeing similar developments

Read More

Apr 6 2018 21886 2

Lots of things you buy come with a warranty in case they break down, from cars to smartphones. But what about homes? It turns out you can get a home warranty, too.So what the heck is a home

Read More

Apr 6 2018 21886 1

Welcome to the ultimate moving checklist—a list of all the things you should do before moving into your new home.Let's face it: With all the excitement of new digs, it's easy to forget

Read More