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Age Of Inventory Rises 45% From Last Year
Dated: November 2 2022
Views: 81
Homes that sell are still selling quickly. The typical home that went pending in September found a buyer in 19 days. But when you look at the overall inventory of homes for sale – including those that haven't yet found a buyer – the number of days on the market is slightly higher. It's closer to 54 days, a 45 percent increase from last year.
Why does this matter? It indicates that homes for sale are beginning to linger on the market a little longer.
That's good for buyers, who will have more time to make buying decisions. It may also mean home sellers have to do more to attract buyers than they did last year at this time. But while homes for sale may be on the market longer than they've been in the recent past, they're still selling much faster than they did pre-pandemic. For example, in 2018 and 2019, for-sale homes were typically on the market for 100 days, roughly twice as long as they are today.
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