Three months ago, the Current Market Conditions survey showed that overall the U.S. housing market was displaying a rare balance between buyer demand and seller supply for the first time in eight years. The latest quarterly survey shows that equilibrium has been achieved — 41% of real estate agents said more buyers than sellers; 40% said there were more sellers than buyers, and 19% reported a 50-50 balance.
Most notable exceptions are in the Northeast, Chicago metro area, and in the Western states. (See Second Quarter chart.) Home buyers outnumber sellers by considerable margins in Chicago and the West, while sellers outnumber buyers in the Northeast.
Additional proof of a balanced nationwide housing market between buyers and sellers was reported by the National Association of Realtors, which estimated a 6.5 month supply of unsold homes in its May report. An inventory supply of 5.5 to 6.0 months is considered balanced.
The second quarter national survey also found:
Fifty-six percent of real estate agents said it is now on average, taking more than 60 days from listing to contract to sell a house. This is up from 55% in the first quarter and 35%...
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