New listings and total inventory continued to decline, but median listing prices showed some small growth.
“Mid-May is normally the time of year when homes sell the fastest, but today’s median time on market is more like what we usually see in late February or November,” Danielle Hale, chief economist for realtor.com, said in a statement.
“While the real estate industry has leveraged technology to help buyers find homes and get to the closing table, virtual or physical, sellers will note that the pandemic has had a dramatic impact on the time it takes to find a buyer,” Hale added. “Looking forward, we expect time on market figures to improve in late summer, especially as buyers try to make up for the missed spring season.”
Comparatively, the first two weeks in March, prior to the full outbreak of the coronavirus pandemic in the U.S., homes were selling an average of four days faster than the previous year.