WASHINGTON, Sept 5 (Reuters) – U.S. homes are selling more
quickly as supplies dwindle, according to a new survey on
Wednesday that offered more evidence the housing market recovery
is gaining momentum.
The median time a home was listed for sale on the market
tumbled 29.6 percent to 69 days in July from a year ago, the
National Association of Realtors said.
The Realtors group said one-third of the houses bought in
July had been on the market for less than a month, while one in
five had been listed for at least six months.
The series includes short sales that typically take three
months or longer to sell.
Excluding short sales, the median time on market for
traditional sellers was between six to seven weeks.
“As inventory has tightened homes have been selling more
quickly,” said NAR chief economist Lawrence Yun. “A notable
shortening of time on the market began this spring, and this has
created a general balance between home buyers and sellers in
much of the country.”
The findings add to a raft of other data on sales, prices
and home construction, suggesting the housing market is on the
mend. The housing market bubble burst in 2006, dragged the U.S.
economy through its worst recession since the 1930s.
“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,” said Yun.
According to Yun, the median selling time was 4 weeks during
the housing boom in 2004 and 2005 when housing inventories
averaged 4.3 months. During the recession, the time on market
for non-distressed sellers peaked at 10 weeks in 2009.
(Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)
((Lucia.Mutikani@thomsonreuters.com)(1 202 898 8315)(Reuters
Messaging: lucia.mutikani.thomsonreuters.com@reuters.net))
Keywords: USA ECONOMY/HOUSING
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