Buyers are flooding the housing market early in the year. With plenty of buyers and not as many sellers, homes are selling fast at higher prices.
So far this year, homes are spending 19 fewer days on the market. The most current median time on market is 63 days. That means half were sold in 63 days or less while the other half were sold in 63 days or more. The median is a better market indicator than the average since it provides a center point.
The most current median sales price was up 13.7 percent from last year. The growth rate has been in the double digits for seven of the past eight months. The exception was last October when it was up 9.4 percent. In dollars, that means the median for price appreciation is $20,500 higher than last year.
Prices continue soaring because mortgage rates are creeping higher, and consumers want to lock in the best rate they can. At the same time, the inventory continues shrinking. Currently, there’s only a little more than a month’s supply of homes on the market. That’s down almost 60 percent from last year.