By Stephanie Sims
The National Association of Realtors recently reported that nationally, 33 percent of homes sold were sold within one month – that’s it. In addition, MRED said that in Chicago’s market, 50 percent of homes closed in July were on the market for less than 60 days. Those stats don’t look too bad.
Home Sales Statistics – Positive Trends
In addition, 22 percent of homes sold in July were traditional resales, not REO properties, and they were on the market for less than 30 days – a 25 percent increase since April of this year. And there’s even good news when it comes to REO properties! REO homes that were sold within a 30-day time frame increased to 9.9 percent for the month of July. It’s important to take note here that REOs are not short sales or properties in the process of foreclosure. because they are already owned by the bank and through the foreclosure process. What does this mean? Like most of what’s going on in the market, this data is a small sign that a housing recovery can be on its way.