From listing to closing, homes are going the fastest since the start of the recovery. Again.
As peak home-buying season hits the high-water mark, signs are pointing to another season marked by low inventory, fierce competition, decreased affordability, and quick listing turnaround.
Just how quick? The median number of days on Trulia – the number of days between when a listing initially shows up and when it is officially sold – is at a post-recession low of 64 days based on preliminary data on homes sold in April.
Even more striking – a home is already in some phase of contract and likely no longer available to shoppers for some of that time and, in a typical year, homes sold in June have been on the market the shortest amount of time, meaning things are only likely to keep heating up.