For the past 26-straight months, the time a home for sale spent on the market has gotten longer. Each month, homes for sale sold more slowly compared to the previous year’s pace and hopeful homeowners watched their listings last longer on the market. Until June. According to a new analysis from the National Association of Realtors’ consumer website, the median home spent 53 days on the market in June – unchanged from the month before, breaking the more than two-year streak. Additionally, time on market is now equal to its pre-pandemic norm. Jake Krimmel, the website’s senior economist, says the summer market is in good shape. “July is when the market traditionally takes its foot off the gas – spring listings age, buyer urgency fades, activity slows,” Krimmel said. “We’ll be watching whether homes start sitting longer, whether price cuts accelerate beyond the usual summer ramp up, and whether new listings genuinely pull back or just flatten out. So far, the leading indicators are holding, so we do not expect the market to stall out like it did last summer.” (source)
