Homes Selling at Fastest Pace Since 1989, Survey Says

Homes Selling at Fastest Pace Since 1989, Survey Says Homes Selling at Fastest Pace Since 1989, Survey Says

(Eberdova/Dreamstime.com)

By Luca Cacciatore | Thursday, 11 November 2021 06:46 PM

Between July 2020 and June 2021, homes sat on the market for a median period of only one week before being bought, down from three weeks a year earlier and a record low in data going back to 1989, according to a survey released Thursday by the National Association of Realtors.

The median sale price for the year was $305,000, up from $272,500 the prior year, the highest since NAR started tracking the data in 2002, the association said in the report.

''Buyers moving quickly during the pandemic, coupled with all-time-low inventory, led to a decline in time on market to the shortest ever recorded, which was just one week,'' said Jessica Lautz, vice president of demographics and behavioral insights at NAR. ''Only a quarter of home sellers offered incentives to entice potential buyers, down from nearly half of all sellers the year prior.''

The pandemic helped spark the most significant housing boom in more than a decade, but at the same time, supply was constrained.

''There's no plotting of where the Christmas tree will be and measuring for a couch in that scenario,'' Lautz told The Wall Street Journal. ''You really are making that decision very fast.''

About two-thirds of active buyers have been house-hunting for at least three months, 45% of whom have been unsuccessful due to being outbid by other buyers, the Journal said in an analysis of a September survey by the National Association of Home Builders.

''There's so many folks out there who have been sidelined, and there's definitely pent-up demand,'' Mike Miedler of Realogy Holdings told the Journal.

The markets where homes sold the fastest in September were Indianapolis, Denver, Grand Rapids, Michigan, Seattle, and Tacoma, Washington, according to a report from Redfin.