A new report issued by the National Association of Realtors has highlighted that the average time it takes to sell a property is now lower than it has been since 2009, and is starting to reflect what it would consider to be a normal and balanced market.
Chief economist for the National Association of Realtors, Lawrence Yun, said: "As inventory has tightened, homes have been selling more quickly. A notable shortening of time on the market began this spring, and this has created a general balance between homebuyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren't often languish on the market."
The data that has been made available by the National Association of Realtors ties in with that released in its Profile of Home Buyers and Sellers, which is released every year and compares data from the existing home-sales series.
The National Association of Realtors expects to see the median price for existing homes to rise by at least 4.5% to 5% over the course of this year, with an additional 5% rise forecasted for 2013. The larger than historic norm is forecasted due to the fact that inventory across the country is still at a relatively low level, meaning that supply is still not quite able to keep up with the growing demand that exists in most states.
The average time for a house to sell is currently between six and seven weeks.
