The measure, which is a median, was 93 days in May 2012. At the worst of the downturn, homes were sitting for about 140 days, according to a new report from the Realtors Association of the Palm Beaches.
At the same time, sellers are getting 93 percent of their asking price, a 3 percent increase from last year.
Low inventory and investor purchases are part of the reason homes are going quicker. But with more sellers coming off the fence as prices rise, inventory is likely to rise and rein in the rapid price growth.
Read today’s May market report for Palm Beach County here.
Wells Fargo economists said this week they maintain a “cautious view on the housing recovery.”
“We remain skeptical of the sustainability of recent price gains, as they are against relatively weak year-ago numbers and have been helped along by an influx of investor purchases,” a report released last week states. “Ultimately, a sustainable recovery in housing will require more homeowners, which implies a steady or rising homeownership rate. We are not there yet.”
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