The Real Deal New York

People are buying US homes at the fastest rate in 30 years

Typical house is now on the market for just three weeks
October 30, 2017 03:50PM

If you want to buy a home these days, you’d better be ready to move fast.

Buyers are snatching up homes in the U.S. at the fastest pace in 30 years, with the typical home now spending just three weeks on the market, according to Bloomberg.

The statistics come from a new National Association of Realtors study, which also found that 42 percent of buyers paid at least the listing price for their homes, the highest percentage since 2007, when NAR started keeping track of this statistic.

This acceleration is happening along with a decline in housing inventory, as the number of properties on the market went down in September for the 28th consecutive month.

Some experts have attributed the housing shortage to slow home construction, while others view it as a sign of an upcoming economic downturn. [Bloomberg]Eddie Small