Monday
July 25, 2016

More Buyers Are on the Hunt This Spring

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More Buyers Are on the Hunt This Spring

Home prices are inching higher as well as buyer activity, but this uptick in the housing market are more than the ordinary seasonal uptick, according to realtor.com®'s latest housing report. 

Read more: May/June 2015 Market Pulse

"On the demand side, we are seeing traffic and searches on realtor.com® continue to set new highs," says Jonathan Smoke, realtor.com®'s chief economist. Visits and searches at realtor.com® are up by more than 50 percent and 35 percent, respectively, year-over-year.

The inventory of homes for-sale is growing, which can create more opportunities for buyers. Inventories were 4 percent higher in May over April, according to realtor.com®. Still, inventories are constrained in most markets which has pushed the median list price up nationally to $288,000 -- up 7 percent in May over May 2014. 

Homes are selling faster too. The median days on the market stood at 66 in May, down 11 percent year-over-year. 

Source: "The 20 Hottest U.S. Real Estate Markets in May 2015," realtor.com® (June 1, 2015)