Sales of existing homes were relatively flat in August from the month before, according to new numbers from the National Association of Realtors. Home sales were down just 0.4 percent month-over-month. With the sales season coming to a close and the market softening overall, that's not a surprise. But though sales were flat, homes still sold quickly.
In fact, 81 percent of homes sold during the month were on the market less than 30 days. The typical property was on the market only 16 days – one day faster than last year at the same time. Why are homes selling so quickly? Simply put, the inventory of homes for sale remains low. That means fewer choices for home buyers.
Lawrence Yun, NAR's chief economist, says it'll likely stay this way for a while. “Inventory will remain tight in the coming months and even for the next couple of years,” Yun said. “Some homeowners are unwilling to trade up or trade down after locking in historically low mortgage rates in recent years, increasing the need for more new-home construction to boost supply.”
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