In most U.S. cities, homes still sell faster than before the pandemic

The typical U.S. home sold last month had spent 67 days on the market. For all the upheaval in housing, that’s still 20 days faster than in the years right before the pandemic, according to data released Thursday by Realtor.com.

The firm’s study found that in 35 of the country’s 50 biggest metro areas, homes were selling faster in February this year than they did on average in the same month during the 2017-2019 period. That’s despite the cooling in housing markets from the peak of the pandemic boom, and the significant increase in inventory from last year’s record lows.

In Hartford, Connecticut, for example the typical home sold last month was on the market for just 40 days, compared with 91 days on average for February sales in the three years through 2019. Other regions where the sale period is shorter include Boston and Miami.

Still in some of the hottest housing markets the supply of homes for sale is rising quickly enough to elongate the sales period compared with pre-pandemic levels. Areas such as Las Vegas, Phoenix and Austin are seeing homes sit on the market longer.

“The number of homes for sale on the market is up significantly from a year ago,” said Danielle Hale, chief economist for Realtor.com. “With a smaller pool of buyers today and more competition from other homes on the market, home sellers will likely need to adjust their price expectations in the market this spring.”