Homes For Sale Continue Selling Quickly

Homes for sale continue to sell quickly, according to new numbers from the National Association of Realtors. Data from May shows 88 percent of homes sold during the month were on the market less than 30 days and the typical property was on the market just 17 days. 

Lawrence Yun, NAR's chief economist, says the housing market is a little unusual right now. “The market is quite unusual as sales are coming down, but listed homes are still selling swiftly ...” Yun said. 

It's true. Home sales in May fell 2.4 percent from the month before and are now 5.9 percent lower than they were at the same time last year. But despite buyer demand beginning to slow, the pace of sales remains fast. So what's happening? 

Well, the inventory of homes for sale is still lower than normal, which is why good listings don't last long. Even with fewer buyers active in the market, homes will continue to sell quickly until inventory improves. 

Luckily, relief may be on the way. In May, for example, the number of homes for sale spiked, rising 10.8 percent from the month before. That's good news for buyers.