Intense buyer competition has led to the fastest time from listing to sale ever recorded. According to the latest Monthly Housing Trends Report from Realtor.com, on average homes are selling in just 43 days nationwide. This is 20 days fewer than a year ago.
Homebuyers outnumbering listings is driving the record pace. New home listings are 26 percent below pre-pandemic levels according to the report.
More homeowners are expected to put their properties up for sale during the summer months but even with the anticipated increase, experts warn that it will still be woefully behind demand and say buyers should expect fierce competition to continue.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.