WASHINGTON (Washington Business Journal) – That coveted “sold” sign is going up on homes at a faster rate than in 2011, according to the National Association of Realtors (NAR).
The median time for a home listed on the market fell 29.6 percent in July over the same month last year, to just 69 days. In July 2011, homes took an average of 98 days to sell.
About a third of U.S. properties sold in July remained on the market for less than a month.
By the end of July, the number of for-sale properties represented a 6.4-month supply, down 31 percent year-over-year.
NAR expects a 5 percent increase in existing home prices this year, as well as another 5 percent bump in 2013.