The Q2 2016 Zillow Real Estate Market Report reveals that the typical U.S. home in the month of May remained on the market for just 78 days, down from the 86 days recorded just a year prior. Zillow staffer Sveja Gudell takes a look at this other effects brought on by one the markets biggest issues, lack of inventory.
Nationwide, the number of homes for sale nationwide was down 4.7% from the same time last year, and the markets that did see increases were still well below national highs:
...the number of homes for sale remains well below recent highs. In San Antonio, for example, inventory was up a big 20.4 percent year-over-year at the end of Q2 – but still down 61.5 percent from its June 2011 high. In San Jose, inventory rose 15.2 percent in June compared to a year earlier, but is still 61.1 percent below March 2011 highs.