Liquidity conditions in the for-sale housing market are showing improvement nationwide, according to an FNC report released this week. The report captures more than 60% of the for-sale real estate market.
Since January, the median asking price among for-sale properties increased by 8.6% and 6.1% year-over-year.
“We’ve seen seven consecutive months of positive year-over-year growth,” said Dr. Robert Dorsey, an FNC founder and chief of data and analytics. “Additionally, there’s a narrowing gap between asking price and closing price; homeowners are generally breaking even in recent re-sales; and the average days on market has declined consistently throughout the year.”
Selling prices continue to inch closer to the asking price, as homes sold at 6.6% less than the asking price in October compared to 9.7% the year before. The average time spent on the market also dropped below 147 days in recent months.
The report reiterated that San Francisco is among the nation’s top housing markets with the best liquidity conditions, while Chicago remained the worst. For example, in the Golden Gate City, there was less negotiation in price, with only 0.1% price cuts. However, the Windy City saw price cuts up to 13.9%.
Additionally, San Francisco homes remained on the market for an average of 77 days, while Chicago homes averaged almost seven months at 196 days.