Economists' Outlook

Housing stats and analysis from NAR's research experts.

Properties Typically on the Market for Longer Days in November 2018

In a monthly survey of REALTORS®, respondents reported that properties were typically on the market for 42 days (36 days in October 2018; 40 days in November 2017), according to the  November 2018  REALTORS® Confidence Index Survey.[1]  Properties are staying longer on the market due to slower demand with mortgage rates rising and with new home construction steadily, though modestly, rising.

During September–November 2018, properties typically stayed on the market for 31 to 45 days in California, Oregon, Arizona and Texas, a slower pace compared to less than one month in previous months (Map 1). However, properties continue to sell in less than 31 days in the District of Columbia (28 days) and in 16 states such as Washington (28 days), Nevada (28 days), Utah (23 days), Colorado (26 days), and Massachusetts (27 days).

 

Properties typically stayed longer on the market in September-November 2018 compared to the same period in 2017 (blue areas) in the District of Columbia and in 22 states such as California, Washington, Oregon, Nevada, Colorado, Massachusetts, and Texas (Map 2).

Properties are staying longer on the market due to the combination of lower demand and the steady increase in new home construction.  In states such as California, Oregon, Colorado, Texas, Virginia, North Carolina, and South Carolina, the number of building permits increased during November 2017-October 2018 compared to the prior 12-month period (Map 3).  


[1] In generating the median days on market at the state level, NAR uses data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.

Advertisement

Comment Policy

The opinions expressed in reader comments sections on this website are those of the reader and not NAR or REALTOR® Magazine.

About Economists' Outlook

Visit this blog daily to see what NAR experts are saying about the economy, the housing market, and other factors that will impact your business.

Housing Minute

Housing Minute is a monthly video series highlighting the latest housing data from the National Association of REALTORS® in a minute or less.