Residential

Shopping for a home? It will take a lot longer than you think because home prices are overheating

Homes today are selling in about 40 days on average, almost two weeks faster than a year ago. But it is taking a lot longer for shoppers to find a home to buy.

Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders. Why so long? They can’t find a home they can afford.

Forty-two percent of buyers surveyed said prices were out of reach for the homes they wanted. Home prices have been rising at a fast clip in the past year – faster than income growth and inflation. The primary reason is a lack of homes for sale, especially lower-priced homes.

Read Article at CNBC.com

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