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Properties are staying on the market longer, based on the days on market information reported by REALTORS® in the October REALTOR® Confidence Index Survey. The median days on the market was 54 days (50 days in September), up from its lowest point of 37 days in June 2013. Short sales were on the market the longest, at 93 days, compared to foreclosed properties (44 days) and non-distressed properties (53 days). Local conditions vary. [See full report]
REALTORS® indicated that properties have stayed on the market longer since mortgage rates increased in the middle of the year (albeit rates are still low by historical standards). The heightened economic uncertainty made more evident by the government shutdown, concerns about higher flood insurance rates in coastal states such as Florida and North Carolina, and the increase in home insurance premiums were also reported to be holding back buyers.
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