If you’re thinking about buying a house sometime soon, you should be prepared to act fast. New numbers from the National Association of Realtors show that the typical property was on the market just 29 days in July. And, while that’s up from the month before and better than last year at the same time, it still means good homes are selling quickly. In fact, 51 percent of homes sold in July were on the market less than a month. Lawrence Yun, NAR’s chief economist, says the market is suffering from a lack of lower-priced homes for sale. “Clearly, the inventory of moderately-priced homes is inadequate and more home building is needed,“ Yun said. “Some new apartments could be converted into condominiums thereby helping with the supply.” But despite low inventory, home sales rose in July, climbing 2.5 percent over the month before. Regionally, sales fell in the Northeast but improved in the Midwest and South. In the West, home sales were up 8.3 percent from the month before. More here.
