Typical House Spends 20 Days On Market In February

The typical home for sale spends just 20 days on the market in February, according to new data released by the National Association of Realtors. That’s a record low and down from 36 days last year at the same time. But while elevated demand from buyers plays a role, too few homes for sale is the chief reason homes are selling so quickly.

Time Home Spends on Market Hits Record Low

The NAR’s report shows that the number of homes for sale did improve month-over-month. However, nationally, it’s down nearly 30 percent from where it was one year ago. According to Lawrence Yun, NAR’s chief economist, low inventory is also contributing to declining home sales. In fact, February sales of existing homes fell 6.6 percent from January. “Despite the drop in home sales for February – which I would attribute to historically low inventory – the market is still outperforming pre-pandemic levels,” Yun said. It’s true. Despite slowing in February, sales are still 9.1 percent higher than last year. And with expectations that both inventory and the economy will improve as the year goes on, there’s hope that home sales and listings will too. Click on the link for more information.

A1 Mortgage

Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. So come get pre-approved and start shopping for your dream home by clicking here!

Share This Story, Choose Your Platform!
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on pinterest
Share on email