Houses Moving Fast
Delta Associates is out with its 3rd Quarter Housing Outlook, and trends are mixed: Home prices and months of inventory are up, while sales volume has declined. But one of the more interesting stats, long term, is days on market. By this metric, the D.C. area is doing fantastic. Houses now spend an average of 61 days up for sale before getting bought, which is down 42 percent from the early 2008 peak of 104 days on market. It's also well below the long-term average of 76 days (but still above the all-time low of 29 days). And can you imagine that in 1996 it took 176 days to sell a house? The internet probably had something to do with that one.