Old Palm News - Real estate is selling faster nationwide

Real estate is selling faster nationwide

September 27, 2012

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Homes across the United States are beginning to sell more quickly, according to a recent report from the National Association of Realtors. The average home sold within 69 days of being listed in August, a 29.6 percent drop from the same period in 2011. “As inventory has tightened, homes have been selling more quickly,” said Lawrence Yun, chief economist at the National Association of Realtors. That increased sales pace could lead to a median existing home price increase of between 4.5 and 5 percent this year, according to the latest NAR forecast. Median home prices in Palm Beach County have spiked even higher, rising 12 percent in August over the same period in 2011. As the inventory has shrunk, multiple bids on homes have become more frequent, which has reduced the time homes remain on the market. The trends are definitely moving in the right direction.

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