U.S. home sales are slowing nationwide. According to the National Association of REALTORS®, 4.59 million homes sold in the 12-month period ending March 2014 -- the slowest pace in 21 months. 

Yet, homes today are selling more quickly than they did earlier in the year. The Median Days on Market for March's listed homes was 55 days -- a marked decrease from the month prior.

Fewer homes are selling, but the ones that do are selling quickly.

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Existing Home Sales : 4.59 Million Sold Annually

Each month, the National Association of REALTORS® publishes its Existing Home Sales report, a sales tally of previously-occupied U.S. homes.

The March 2014 Existing Home Sales report showed 4.59 million homes sold on a seasonally-adjusted annualized basis, a 0.2% decrease from the month prior and a near-eight percent decrease from one year ago.

The result was predicted by the Pending Home Sales Index which forecasts future home sales nationwide.

The drop suggests that the housing market is slowing. However, several data points suggest that home sales may be down for cyclical and weather-related reasons.

As one example, at the end of March 2014, the National Association of REALTORS® tallied 1.99 million homes for sale nationwide, which suggests scarcity in housing. Today's buyers confirm it, too. Anecdotally, there are lots of homes available for purchase but not all of these homes are suitable for what a given buyer wants.

At the current pace of sales, all 1.99 million homes would sell in just 5.2 months. This connotes a seller's market.

As another example, home builders are reporting an uptick in foot traffic through their models; and, are projecting a strong spring and summer sales season. Foot traffic tends to precede actual sales so this, too, points to housing market strength.

Lastly, homes for sale are selling more quickly.

After peaking at 72 days in December, the median Days on Market for U.S. home resales has dropped to 55. More than half of right-priced homes are selling within eight weeks of listing. In many markets, they're selling within one week.

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37% Of Homes Sold In Less Than One Month

The March Existing Home Sales report showed homes selling more quickly as compared to earlier in the year. 37% of homes sold in 30 days or fewer, and Median Days on Market has dropped to 55 days.

After rising into the start of the year, Days on Market is now down for three straight months.

• October 2013 : Median 54 Days on Market
• November 2013 : Median 56 Days on Market
• December 2013 : Median 72 Days on Market
• January 2014 : Median 67 Days on Market
• February 2014 : Median 62 Days on Market
• March 2014 : Median 55 Days on Market

Median Days On Market can fall for a number of reasons. One reason is a general improvement in the U.S. housing market. However, in this case, the most likely reason is that sellers are feeling less confident in their ability to sell a home.

According to a Fannie Mae consumer attitudes survey, 38% of consumers think now "is a good time to sell" a home -- a four-percentage point increase from the month prior.

This data point suggests that consumers expect home prices to level out in the months ahead, so sellers may be getting eager to make deals. Homes may be listing at lower prices and selling more quickly, as a result.

Get A Pre-Approval Letter At No Cost

Competition for today's homes remains fierce. To give yourself a better chance of winning that home, consider getting pre-approved. When your offer for a home is accompanied by a legitimate pre-approval letter, it shows that you're a serious buyer offering fewer obstacles to get to closing.

And not all loans require 20 percent down, either. The FHA offers a 3.5% down mortgage, and there are No Money Down loans available via the Department of Veterans Affairs and the USDA. Today's mortgage rates look great.

Get a free, no-obligation pre-approval letter today.

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