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Homes are, on average, consistently selling at a faster pace than they were 3 years ago, according to new data from real estate company RE/MAX.
The RE/MAX National Housing Report looked at 53 metropolitan areas in June, and found the national average number of days on market for residential properties was 54, down 4 days from May 2016 and June 2015. That makes June the 39th consecutive month with a days-on-market average of 80 or less, the company noted in a press release.
The three markets with the lowest inventory supply — Seattle, Denver and San Francisco — averaged just 25, 23 and 21 days spent on market respectively. The cities with the highest averages were Augusta, Maine, at 143 days and Des Moines, Iowa, at 103 days.
“Last year was the best we’d seen in a long time for home sales. So, it’s encouraging that sales this year are remaining above last year’s levels,” RE/MAX CEO Dave Liniger said in the press release. “Moderating prices are a good thing for this market. Homeowners are still seeing improvement in their equity, while there’s less chance of homebuyers being priced out. We have to wait out the ongoing inventory challenges, but the month-over-month stabilization we’re seeing is a very good sign.”
With the market now in the midst of the popular summer selling season, both home sales and prices are rising. Demand pushed June sales to 9.4% over sales in May, and the national median sales price in June was $229,900, marking a 2.2% increase over prices from June 2015, the RE/MAX data showed.
The number of homes for sale in June fell 15.6% from levels 1 year ago, making available inventories tighter.
Of course, how long it will take for your property to sell is dependent on your local market, whether you’ve found the right Realtor to properly price your property and the condition of your home. And while you might know that buying a home can impact your credit scores, selling your home can also have an effect on your credit.
Whether you’re looking to buy or sell, it’s a good idea to check your credit scores regularly. You can do so using Credit.com’s free credit report summary, which provides two free credit scores, plus a credit report card that tells you how you’re doing in the five key areas that traditionally determine your credit scores.
Image: Susan Chiang
December 13, 2023
Mortgages