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Homebuyers this past winter spent three fewer days searching for homes and completed one less home visit than buyers in the winter of 2018.
Redfin reports that over the three months ending in February 2019, the typical homebuyer took 73 days to close on a new home after their first home tour. This is down from 76 days last year and from a peak of 84 days during the winter of 2016. This is likely due to a slower rate of price growth and less competition making it easier for buyers to close deals.
“This year, there are more homes for sale relative to the number of buyers, so a buyer is more likely to have their first offer accepted, while sellers are having to wait longer for their home to be sold,” said Redfin chief economist Daryl Fairweather. “It’s like a 1950s-era school dance with more boys than girls — the girls can quickly find a dancing partner, but more boys are waiting around with no one to dance with.”
The cities with the biggest drops in time spent on the market were Philadelphia (28 days faster), Houston (17 days), and Washington, D.C. (14 days). Meanwhile, several East Coast cities, such as Miami and New York, actually saw increases in the number of days buyers spent looking for homes.
