Housing Wire, March 31, 2017
This spring home-buying season seemed to start early this year as 42% of homes sold in February were listed for less than a month, according to the National Association of Realtors’ blog, Daily Real Estate News.
Homes stayed on the market an average of 45 days in February, compared to the previous year when homes stayed on the market about 59 days, according to the blog.
And in fact, this increased speed looks to grow even faster as CoreLogic predicts this spring home buying season will be the strongest in recent memory.
Pending home sales already increased in February, and Ten-X predicted existing home sales will see an uptick in March.
However, home prices also continue to increase, causing Freddie Mac to predict affordability will hold back home sales this year.
But in Feburary, the fastest market saw homes flying off the market after an average of just 23 days. This infographic from NAR shows the top five fastest selling metros in the U.S. in February.