News & Opinions
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Real Estate Market Still Moving Fast, But Slowed Again in June
Tim Ellis / Redfin / August 5, 2013
Speed Comparable to February 2013
The percentage of homes that went under contract within two weeks decreased from 31.9 percent nationwide in May to 30.5 percent in June as inventory growth continued to ease the pressure on buyers to act fast. Although the market now slowed two months in a row, it was still faster in June than it has been in years. A year ago only 23.2 percent of homes were under contract in less than two weeks—two year ago it was just 14.3 percent.
“Bay Area listings are now getting significantly fewer offers than just a couple of months ago, but homebuyers are still acting quickly when they see a home they like,” said Redfin’s San Francisco Area Manager Charmaine Frank. “Offer deadlines are less common, but buyers are still anxious to make their offers early to find out if they have a chance, or move on.”
Silicon Valley Still Fastest, Vegas & Philly Slowest
The Redfin Fastest Real Estate Markets Report ranks 22 markets across the country measured by the percentage of homes that go under contract within two weeks of their debut. The metrics include single-family homes, condos, and townhouses.
Overall, California is still home to most of the fastest markets, and all of the slowest markets are east of the Rockies. However, Sacramento and San Diego slowed the most in the month, and Miami sped up the most. If you’re trying to buy a home in one of the fastest markets, the pace will likely be more leisurely later this year due to the overall slowing trend discussed in this report, as well as typical seasonal patterns that lead to a slower market in the fall and winter.