Buyer Friendly Market Could be Around the Corner
If we told you that a buyer-friendly market might be a reality by this fall, would you believe us? That’s the word today from Realtor.com, which crunches the numbers to show that the market is behaving in ways that suggest normal seasonality may be returning.
Buyers may catch a break from the red-hot housing market soon, according to Realtor.com’s Weekly Housing Trends report released Thursday. New listings fell 3% for the week ending July 3. But with year-over-year increases during 12 of the last 15 weeks, the analysis concluded that the dip was a direct result of the 4th of July holiday.
The typical time a home sits on the market is showing early signs of relief. According to the analysis, time on the market was 23 days faster for the week ending on July 3 compared to the same time last year. While homes are still flying off the shelves, it marked the third consecutive week the year-over-year gap shrunk.
The shrinking gap hints at a market behaving in accordance with the season. During a typical year, as the fall months approach, the average time a home sits on the market gets longer. If 2021 sees normal seasonality, the analysis predicts that the gap will continue to get smaller.
Originally sourced from Inman by Libertina Brandt