For-sale homes are being bought at a slightly faster pace than they were one year ago, according to the August 2018 data from the Realtor Confidence Index.
Homes were typically on the market 29 days, one day fewer year-over-year, says the National Association of Realtors' data. While the supply of homes is increasing in some markets, these data show that supply is imbalanced with demand in many states. Properties sold the fastest in South Dakota, Washington, Colorado, Utah, Ohio, Massachusetts, and Rhode Island, between 19 and 21 days. By contrast, sales were slowest in West Virginia, Alabama, and Oklahoma, with properties on the market between 61 and 90 days.
The RCI Survey gathers information from REALTORS® about local market conditions based on their client interactions and the characteristics of their most recent sales for the month. The August 2018 survey was sent to 50,000 REALTORS® who were selected from NAR’s 1.3 million members through simple random sampling and to 8,386 respondents in the previous three surveys who provided their email addresses.
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