In a new report from Zillow, senior economist Aaron Terrazas writes that homebuying “has become an exercise in speed and agility,” as the median U.S. home sold in 81 days in 2017.
The report adds that the pace in 2017 was 9 days faster than in 2016, and was the fastest pace recorded by Zillow since it started collecting the data in 2010. What's more, the trend is expected to continue this year, per the company's data on January 2018, Bloomberg reports. Of the strong competition, Terrazas says, “Buyers may have to linger on the market until they find the right home, then sprint across the finish line once they do.”
A robust job market has been fueling demand, and jacking up prices, even as mortgage rates climb and the number of available homes shrinks. Inventory has fallen for 37 months in a row, year on year, Zillow reports. The housing crunch on the West Coast has gotten so bad (and so awesome for sellers) that the granny flat is making a comeback.
Advertisement
Related Stories
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers
