If you’re selling your home or looking to buy a new home in the near future, you should be aware of the supply of housing in today’s market. According to Zillow’s latest Real Estate Market report, homes are selling faster than they have at any time since 2010, making it difficult for the supply of housing to keep up with first-time home buyers and existing homeowners looking to upgrade. Here are the details from Akin Oyedele of Business Insider.
In June, the median number of days a home stayed on the market was down to 78 — eight fewer than the same time last year.
“If you’re looking for a home, be prepared to move quickly,” said Svenja Gudell in a release on Friday.
She noted the vicious cycle where even though rising home prices are attractive to sellers, homeowners looking to list do not put their houses on the market. They’re concerned that they won’t quickly find a new, affordable one or would have to enter a stressful bidding war in the buying process.
And so, inventory remains limited.
“Until the supply increases, it will remain a tough market to find a home,” Gudell said.
The markets with the biggest year-on-year change in time on the market in June included Philadelphia, Pittsburgh, and Charlotte, where the average period shrank by at least two weeks.
At the same time, there were 4.7% fewer homes for sale compared to a year ago. Combined with the high demand, this helped push Zillow’s Home Value Index up by 5.4% year-on-year to $187,000.
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