Homes sold in record time in May

Real Estate

The average home sold in May went under contract in just 34 days, according to real estate broker Redfin.

May's number broke the previous month's record of 36 days.

Of the homes that sold in May, 27.6 percent went above their list price — another record.

If a "for sale" sign goes up in your neighborhood, don't blink, you might miss it. The average home sold in May went under contract in just 34 days, according to real estate brokerage Redfin.

May's number broke the previous month's record of 36 days. Redfin began tracking this metric in 2010.

Homes are selling so quickly because there are so few for sale. More new listings did come on the market in May, 4.3 percent more than in May 2017. While that helped to increase the number of sales, it did not help the overall supply situation much because demand is so strong.

Click here for more information: https://www.cnbc.com/2018/06/14/in-mays-red-hot-housing-market-homes-sold-in-record-time.html