New numbers from the National Association of Realtors show 65 percent of homes sold in March were on the market for less than a month. That's a significant share and proof that spring home shoppers should be ready for a fast-moving market. But while homes are still selling relatively quickly, things have improved for buyers.
In fact, according to the NAR's numbers, the typical property was on the market 29 days in March. Last year at the same time, homes were generally only on the market 17 days. That's a big improvement and should give buyers a little more time to consider their options.
Lawrence Yun, NAR's chief economist, says this year's market is unique. “Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” Yun said. “Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market.”
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