The median time a home was listed for sale on the market was 69 days in July, down 29.6% from 98 days in July 2011, according to new data from the National Association of Realtors (NAR). One-third of homes purchased in July were on the market for less than a month, while one in five were on the market for at least six months.
At the end of July, there was a 6.4-month supply of homes on the market at the current sales pace, which NAR says is 31.2% lower than the 9.3-month supply in July 2011.
‘As inventory has tightened homes have been selling more quickly,’ says Lawrence Yun, NAR's chief economist. ‘A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren't often languish on the market.’