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Ulta-competitive housing market leads to ultra-fast sales

Posted by The Aramco Group on Thu, Jun 14, 2018 @ 14:06 PM

The time homes spend on the market for sale is currently at its shortest period since the recession. According new data from real-estate website Trulia, the median list-to-sale time – the period of time between an official listing to when the home is officially sold – is down to just 64 days, compared to 77 days a year ago. The length of time homes are listed for sale has dropped every year since 2010. 

In highly desirable and competitive markets like San Diego, turnaround times are even shorter. The Greater San Diego Association of Realtors shows that single-family homes in the region are selling within 26 days as of May.  

"Prospective home buyers should expect a competitive housing market throughout the summer," Association President Steve Fraioli said. "Fortunately, the low inventory of homes for sale doesn't seem to be dampening their demand." 

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.0 percent and the 5-year ARM is averaging 4.0 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.