Photo: Robert Clark
If you’re in the market to buy a home in the US this spring, you might want to avoid buying in June to get the best price.
Last year, June proved to be the most competitive month of 2017 for home sales, with typical homes selling at the quickest pace on record, according to a report released today by the listing site Zillow.
Nationally, homes were on the market a median of 81 days in 2017, including the time it took to close the sale. But the typical home sold in only 73 days in June 2017.
And, since closing on a home can take anywhere from four to six weeks, that means the typical home was on the market about 30 days in 2017.
Typical homes sold faster in 2017 compared to 2016 in nearly all 35 of the largest housing markets analyzed by Zillow for the report.
The average buyer spent over four months looking for a home and made two offers before finally closing.
“As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility,” Zillow Senior Economist Aaron Terrazas says in the digital release.
And with national inventory shrinking on a year-over-year basis for the last 37 consecutive months, homebuyers will find even fewer homes to choose from this year — which impact overall pricing.
Last year, about a quarter of all homes sold for more than the listed price, a sign that bidding wars were taking place, driving prices up.
Unsurprisingly, the white-hot San Jose, CA market was the fastest-selling market in 2017, with the typical home selling in an average of just 41 days and an average of 39 days during the fastest selling months — which were October and November 2017 in San Jose.
The San Jose market also recorded the biggest annual drop in inventory of the markets studied. There were 26.8 percent fewer homes for sale in San Jose in 2017 compared to the previous year.
Click here to read the entire release.