Homes Taking Longer to Sell as Inventory Spike: Report

As of the week ending July 19, homes are sitting on the market for eight days longer, compared to a year ago, as buyers remain on the sidelines, according to a July 24 Weekly Housing Trends report on the real estate listings website Realtor.

The median time homes sat on the market hit 58 days nationally, which happened amid active inventory jumping nearly 25 percent year-over-year, the 89th consecutive week of annual gains.