In the blink of an eye, a home will hit the market, receive multiple offers and is under escrow. In today’s housing market, homes are selling more quickly than they have in years. According to new data from the National Association of Realtors, 86 percent of homes sold in September were on the market for less than a month.
Homes typically sat on the market for just 17 days in September before going under contract, down from 21 days a year ago. Approximately one in every three homes had accepted an offer within just one week of going up for sale, according to Redfin.
Housing inventory remains 13 percent down from last year. This limited selection of homes to choose from has buyers clamoring over properties and making offers as quickly as they can.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 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 (877) 700-0942 and your questions may be featured in an upcoming article.