Properties are starting to stay on the market longer. The median days on the market reported by REALTORS® responding to a survey about their transactions in September 2013 indicated an increase in the median days on the market to 50 days (from 43 days in August).
Higher mortgage rates, a slow economic and job recovery, and strict mortgage underwriting standards are reported as causing some of the slowdown.
Short sales were on the market for 93 days compared to foreclosed properties at 43 days and non-distressed properties at 49 days.
What does this mean for REALTORS®? Real estate markets appear to have slowed somewhat but continue to be in relatively good condition.
With lackluster employment growth, third quarter fundamentals in REALTOR® commercial markets maintained a positive trajectory. However, the specter of government shutdown and the budget debate added headwinds to the market performance. The results of the October Commercial Real Estate Market Survey indicated modestly rising absorption and new construction, accompanied by changing vacancies.