While homes continue to get snatched up at a rapid pace, the percentage of homes that went under contract within two weeks decreased slightly for the third consecutive month, reflecting a gradual slowing trend. Nationally, 30 percent of homes were under contract in less than two weeks in July, down from 31 percent in June and 33.4 percent in April. Despite this slowdown, market speed remains faster than it has been in years. Last July, only 21.2 percent of homes went pending within two weeks. In July 2011, only 13.0 percent sold that fast.
To read the full article, visit the Redfin Research Center.