According to data from LeapRE, homes from 2007 and 2008 are spending the longest time on the market. It is possible this is due to inventory overhang – properties still not sold from that period that remain on the market. It could also be that these were homes bought at the peak of the market and with the lowest down payments and most ‘lenient’ mortgages, therefore, homeowners have less ability to drop their pricing because then they would immediately be underwater on the mortgage.
2009 properties’ time on the market returned to slightly above usual and then 2010-built properties sold much quicker than the average. This suggests builders quickly started to price their newer homes in line with market expectations, as opposed to 2007 and 2008 public-owned properties where the public were slow to reduce prices.