A Historic Rebound for the Housing MarketPending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors;(
Days On The Housing Market Drops To New Low
According to recently released data from the National Association of Realtors (NAR), the median number of days that a home spent on the market hit a new low of 26 days in April, as 57% of homes remained on the market for under a month.
NAR’s Chief Economist, Lawrence Yun, opined,
“What is available for sale is going under contract at a rapid pace. Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high.”
Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract.
The chart below shows the median days on the market from April 2017 to April 2018:
If you’re in the market to buy a home, move quickly before your dream home gets snapped up by another New Jersey home buyer. If you’re a homeowner debating whether or not to list your New Jersey home for sale, know that national market conditions are primed for a quick turnaround! Contact Team Nest Builder’s Lynn Garafola at 973-222-3777 today to start the process. Liked this article? Check out our blog for loads of helpful information on real estate, home improvement and community events!
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