It is a seller's market

The National Association of Realtors says on average, properties were on the market for 40 days, the third-shortest time since the association began tracking such date in May 2011.

Giving sellers more good news is the Association Pending Home Sales Index, which reports that pending sales in May were at their highest level in nine years and at a good price. Lawrence Yun, the national organization's chief economist, said in a statement that in May, 40 percent of homes nationwide were sold at or above the asking price.

California, Texas and Oregon were among the states that had properties sold within a month. Maine, New Hampshire and Alabama were among the one that saw the longest period, more than 90 days.  In May, San Diego homes were purchased on average within 36 days, according to the Greater San Diego Association of Realtors. 


Written By Tehran Aram, Real Estate and Mortgage Analyst