in April as demand for new homes continue to surge. It's so bad that nearly half the houses on the market are being snatched up in less than a week.on Friday that in April, 47% of homes were on the market for less than a week before going pending, with 76% of homes on the market for less than a month. This is a boost from April 2020, when the housing market came to a near halt, with just 30% of homes going pending in less than a week, and 60% within a month.
"This incredibly fast-moving market is undeniably stressful for buyers and a good number of sellers too, who may feel on top of the world when they list their home and get a quick offer but then back at the bottom if/when they find themselves needing to find another home to buy," Manhertz wrote. Zillow also found that in 27 of the nation's largest metropolitan areas, a majority of homes went under contract in less than a week. In Columbus, Denver, and Salt Lake City, it took less than seven days for 70% of homes to go under contract, and"the share of homes going pending in less than two weeks was higher year-over-year in April in every single top-50 metro in the country except Memphis.
The"need for speed," as Manhertz put it, comes at a time when there aren't enough houses to meet the high demand of home buyers. Insider on Wednesday that the housing shortage could last for years, citing Goldman Sachs projections that millennial homebuying should continue while starts will increase to the insufficient level of 1.5 million per year, and foreclosures won't meaningfully impact supply.