U.S. Homes Are Selling At The Fastest Pace In Four Decades

On average, American homes are remaining on the market for one week — marking the fastest pace of sales since the 1980s.

According to the National Association of Realtors’ fortieth annual Profile of Home Buyers and Sellers survey — which tracked the behavior of buyers between July 2020 and June 2021 — the real estate market currently favors sellers:

Among repeat home buyers and home sellers over the last year, a key factor for moving was the desire to live closer to family and friends, while an equally important motivator was the need for more space or a bigger home. Sellers as a whole were able to benefit in these transactions, typically earning their full asking price, and selling in one week.

Other trends identified by the organization point to the same conclusion:

For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (18%), that it was too small (17%), and the neighborhood had become less desirable (11%).

For recently sold homes, the final sales price was a median of 100% of the final listing price. Only 26% of all sellers offered incentives to attract buyers, a drop from 46% of all sellers last year.

“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,” National Association of Realtors executive Jessica Lautz explained. – READ MORE