Time For Sale Homes Remain on Market Declines

According to data collected by Zillow, homes listed for sale nationwide sold a month faster in September, 2013 than in Sept. 2012, falling from 116 days to 86 days. Covering the 30 largest metro markets, where homes sold faster this Sept. compared to last, homes that moved the fastest and spent the fewest days listed on Zillow include the markets in San Francisco Bay Area (48 days), Sacramento, Calif. (59 days), and Dallas (60 days). As wsj.com tells MHProNews, by calculating the median number of days listings remained on Zillow at the national, metro and county levels, Zillow determined since the beginning of 2010 homes stayed on listings for an average of 119 days. Zillow Chief Economist Stan Humphries says, “The declining inventory of for-sale homes over the past year naturally creates pressure for buyers to more quickly snap up the inventory that is on the market. We do expect that this need for speed will abate in the near-term as mortgage rates rise and more inventory becomes available because of new construction and declining negative equity.”

(Photo credit: mattheafey)

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