Amid strong demand and tight supply, REALTORS® reported that properties that sold in November 2017 were typically on the market for 40 days in November 2017, down from 43 days compared to November 2016, according to the November 2017 REALTORS® Confidence Index Survey. Amid tight supply, the median days on market have been broadly on a downtrend since 2011 when the properties typically were on the market for three months from May 2011, when this question was first asked in the RCI Survey, through March 2012.
During the September–November 2017, properties sold in less than 31 days in 16 states: Washington, Oregon, California, Nevada, Utah, Colorado, North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Indiana, Kentucky, Tennessee, Rhode Island, and Massachusetts. Properties also sold in less than 31 days in the District of Columbia.
According to Realtor.com data, properties sold most quickly in the metro areas of San Jose-Sunnyvale-Sta. Clara (34 vs. 41 days one year ago), San-Francisco-Oakland-Hayward (37 vs. 42 days), Vallejo-Fairfield (39 vs. 49 days), Nashville-Davidson-Murfreesboro-Franklin (41 vs. 45 days), San Diego-Carlsbad (42 vs. 48 days).Metro areas where properties sold most quickly were in California, Washington, Utah/Idaho, Arizona, Nebraska/Iowa, Nevada, Colorado, Ohio, Tennessee, Michigan, Minnesota/Wisconsin, New Hampshire, South Dakota, and Texas.
Nationally, the inventory of existing and new 1-family homes for sale stood at 2.085 million in October 2017, which, at the current level of demand (sales), will be exhausted in 4.1 months. Historical data since January 2000 indicates shows the median price of existing homes tended to appreciate above five percent when months’ supply fell below six months, while home prices fell by at least ten percent when months’ supply rose to ten months or more in 2010.
 In generating the median days on market at the state level, NAR uses data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.
Source: NAR Economic Outlook