U.S. Homes Are Selling Faster Than Ever This Spring
- Nationwide, properties sold in an average of 29 days in April. Santa Clara County had the nation’s second-fastest pace of sales, at 20 days.
- Housing inventory woes continue, pushing the median U.S. sales price up to $244,800, the 62nd straight month of annual gains.
- California accounts for eight of the nation’s 10 most expensive counties by list price, including Marin, San Mateo, San Francisco, Santa Clara, and Napa.
Serious home shoppers who are hitting the open-house circuit hard during the traditionally busy spring season should not hesitate long, as properties are flying off the market quicker than ever before. That’s especially true here in the Bay Area, where homes continue to sell at the among the fastest pace in the nation.
That’s according to the National Association of Realtors’ latest existing home sales report, which says that the average U.S. property — including single-family homes, condominiums, townhomes, and co-operatives — sold in 29 days in April. That’s down from 39 days one year ago, marking the quickest pace of sales since NAR began tracking that data six years ago.
Three Bay Area counties were among the 10 fastest-moving U.S. real estate markets in April: Santa Clara (20 days), (Alameda) 23 days, and San Mateo (25 days). Sonoma, Napa, and Solano counties saw homes sell faster in April than in March, while the pace of sales slowed slightly in San Francisco, Marin, and Contra Costa counties.
The nation’s dearth of housing inventory persisted in April, with 1.93 million existing homes for sale, down 9.0 percent year over year. According to NAR Chief Economist Lawrence Yun, supply is far too low to meet demand across most of the country, which is frustrating both buyers and real estate professionals.
“Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher,” he said.
Nationwide, the median existing home sales price climbed for the 62nd consecutive month on an annual basis to $244,800, a 6.0 increase percent from April 2016. Although sales dipped 2.3 percent year from March to a seasonally adjusted annual rate of 5.57 million, activity was still at its fourth highest level of the past year and up 1.6 percent from April 2016.
California counties dominate the list of the nation’s highest-priced real estate markets, taking eight of the top 10 spots, according to supplemental NAR data. With a median list price of $1,499,000, Marin County was the nation’s second priciest place to purchase a home in April behind New York County, New York. Four other Bay Area counties landed on the list of the nation’s 10 most expensive: No. 3 San Mateo ($1,290,000), No. 4 San Francisco ($1,250,000), No. 6 Santa Clara ($998,300), and No. 8 Napa ($879,000).