America’s real estate market has hit so many record-breaking “firsts” of late, it’s logical to think this can’t go on. But recent housing data reveals yet a new twist that economists haven’t seen in two whole years.
“How’s the Housing Market This Week?” is our weekly column where we deliver the most up-to-date statistics on four crucial indicators: home prices, number of new listings, total days on the market, and mortgage rates.
Here’s what’s changed this week—crucial intel to help both homebuyers and sellers stay on top of the highly dynamic world of real estate today.
Homes are taking longer to sell
For the week ending July 30, the most noteworthy shift involves how long homes are taking to sell, with properties lingering on the market one day more than they did the same week last year.
While one extra day might not seem like much, it’s a pivotal turning point after two straight years of buyers watching this window of opportunity grow smaller and smaller, week after week. Currently, listings linger a mere 32 days before getting snapped up, almost half the time it took two years earlier.
“This week’s data marks the first year-over-year increase in time on market in over two years,” notes Realtor.com® Chief Economist Danielle Hale in her analysis.
Frazzled homebuyers, no doubt, will be relieved to have a bit more breathing room to make an offer without worrying the house will be taken by the time they’ve finished their tour. But the implications of this development extend beyond that.
“The increase in time on market is just another one of the increasingly common flags that the housing trends that prevailed over the last two years are squarely in the rearview mirror,” explains Hale.
In other words, it’s official: The raging seller’s market that descended during the COVID-19 pandemic is, at long last, cooling off. Plus, Hale adds, “more slowing could be ahead as the housing market resets.”
Home price growth is slowing...
