Homebuying Market Remains Tight

Persistent low inventory means homes sell quickly despite rising interest rates.

In July, homes were on the market for a median number of 14 days, according to the National Association of Realtors (NAR) in a recent post.  As an interesting point of comparison, the median number of days on market in 2011 was 96 days.

This indicates that “inventory remains in tight supply, which means homes are still moving at a fast pace despite the recent rise in rates and home prices,” notes the article.

Other interesting facts from the association’s monthly Confidence Index:

·        82% of listed homes sold within a month;

·        Homes for sale received 2.8 offers (a notable decrease of 5.5 offers in April 2022);

·        Almost one-third of home buyers waived either an inspection or appraisal contingency—27% of buyers waived both;

·        24% of offers made were cash offers;

·        First-time buyers comprise 29% of all buyers; and

·        14% of buyers purchase homes as a non-primary residence, down from January’s 22%.

Post authored by Lora Bray.

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