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Time on Market Falls to 8.6 Weeks

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California once again led the nation in this category with an average 4.1 offers received on every non-distressed property sold in July. The Farmbelt (ND, SD, NE, KS, MN, IA and WI) was at the other end of the spectrum with an average of just 1.4 offers on every non-distressed property sold.

In the key sales-to-list price ratio category, a measure of how close a property’s sales price came to the listed price, July set a new high watermark, according to HousingPulse. The average sales-to-list price ratio for non-distressed properties nationwide hit 98.0 percent last month. That was up from 95.6 percent in December and 97.6 percent in May.

On a regional basis, California topped all other areas with an average sales-to-list price ratio of 101.8 percent in July. That meant that on average non-distressed properties in California sold for more than their asking price – a sign of a very hot housing market. On the other end, Florida had the lowest average sales-to-list price ratio in July for non-distressed properties at 95.0 percent.

For more information, visit www.realestateeconomywatch.com.

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