RealEstateEconomyWatch.com Insight and Intelligence on Residential Real Estate
A new analysis of 2014 existing sales by Danielle Hale, NAR’s Director of Housing Statistics, sheds light on the question many buyers and sellers want to know—what’s the best day to schedule a closing.
A list of top closing days of 2014 shows that the last business day of a month and Fridays are the most popular days to complete a home sale transaction. In fact, these days are so popular that the top 25 closing days are expected to account for roughly a quarter of all home sale closings for the year.
The top seven closing days were the last business days of June, May, August, April, July, September, and February. The next 18 most popular days were all Fridays except for three dates, all of which were at or near the end of the month: Monday, March 31, Thursday, October 30, and Wednesday, July 30.
Because the ranking was compiled with data that was not seasonally adjusted, spring and summer days figure prominently in the top of the list, but all seasons are represented.
This day by day data confirms the unadjusted monthly EHS data which shows that June and July were the top months for home sales in 2014, followed by August and May. In fact, June and July alone are likely to account for more than 20% of sales for 2014.
It is expected that spring and summer months will be strong from a home sales perspective. This is why NAR Research reports each month, so we can see how sales are performing relative to what we might typically expect given the season.
By seasonally adjusted home sales data, the second half of 2014 is on track to be stronger than the first half of the year. The peak month of 2014 sales, adjusted for seasonal fluctuations, was October when sales reached the 5.25 million leve. We expect the strength in the second half of 2014 to carry through into 2015.
Most Popular Closing Dates in 2014