Housing Sales Speeding Up?

The Latest Housing Market Conditions: How are homes selling faster?

There's no question thing's have slowed down since the red hot summers of 2021 and 2022, and as another peak home buying season quickly approaches how we faring? Is there any hope for things to pick up? This article complies data publicly available from Zillow to answer just that.

How long does it take for an average listing to go from for sale to pending? That's the number we'll need to look at closely to see how the market is trending.

Weekly National Average

Looking at the number broken down by weeks is the smallest data point available. For example, this time last year (May 28th - June 4th) the average home had an offer accepted in only 18 days. Since reporting has only come out since the first week of may this year, we can compare the data to previous years, analyze the trend, and predict what we can expect this summer.

2022 vs 2023

Below are the mean (average) days to pending for the first 18 weeks of 2023 and 2022. Obviously there's a difference here, but also reason for optimism: 16 straight weeks of acceleration, the same as last year!

Summer Trends

And now even better news: The seasonal acceleration is happening even faster in 2023 than it was last year. Each week this year days to pending drops by an average of 1.35 days compared to 1.23 in 2022.

Expectations

While good reason for optimism is certainly present, zooming out on the data provides a more bearish perspective. Days to pending always bottoms out around June for the summer, so we shouldn't count on homes being off the market in under 20 days come August. However, the drops we are seeing in that number this year are some of the most drastic in recent history.

Stay tuned for future articles to see this broken down further and be prepared for the market to come. If you don't want to miss anything subscribe to our email list here!