Real Estate Market Still Moving Fast, But Slowed Again in June

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.”

For the full report including data tables and charts, visit the Real-Time Fastest Markets in Redfin’s Research Center.

Discussion

  • Hamster

    Thank goodness some sanity is starting to “infect” the market! Now hopefully prices will moderate and we’re in business!

    • Audrey Lawrence, Redfin

      It will be interesting to see what the coming months hold!