Homes For Sale Selling Faster Than Last Year

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Homes for sale are selling more quickly this year than they were at the same time last year, according to a new analysis. The data, collected by Trulia, looked at the number of homes listed for sale on February 5 and tracked how many of those homes were still for sale on April 5. The results found that, nationally, 60 percent of the homes for sale in February were still on the market in April. That’s a 2 percent drop from last year. The quickening pace is a reflection of the number of homes available for sale. In markets where inventory is tight, sellers are able to find interested buyers more quickly, while areas with more inventory and fewer buyers will typically see available homes lingering on the market for longer periods of time. That means, prospective home buyers will have to be prepared to make a move more quickly in regions where homes spend less time on the market. The data also reveals that, though the pace of home sales will vary greatly from one local market to the next, housing markets in the West are generally moving more quickly than those in the Northeast. In fact, eight of the fastest moving housing markets were in California. Also in the report, lower priced homes are selling faster than higher priced homes. Among lower-priced homes, 50 percent were still on the market after two months, compared with 65 percent of higher-priced homes. More here.

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