Homes spend less time on the market in July

The amount of time homes spend on the market has declined significantly in recent months.As a result of fewer homes on the market, buyers have become more competitive, and this caused the amount of time it takes to sell a home to decline significantly.During the month of July, the median time a home spent on the market was just 69 days, according to a report from the National Association of Realtors. This was a 29.6 percent decline from 98 days in July 2011.”As inventory has tightened homes have been selling more quickly,” said NAR chief economist Lawrence Yun. “A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country.”Not only has a lack of homes caused distressed property sales to decline, but home prices increased 2.9 percent in July from a year earlier.Although this was a promising gain for the national marketplace, on a local level, Houston home prices surged 27 percent during the same period to $231,484, according to a report from the Houston Association of Realtors. Now could be the time for those prospective buyers who have been waiting on the sidelines to finally make the transition to homeownership.?? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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