Following on the tails of a competitive spring market, home-selling speeds fell in July according to Redfin. Their report concludes that in July 2013, 30 percent of homes went under contract within 14 days of their debut, a decrease from 31 percent in June and 33.4 percent in April. However, when compared with last year’s rate of 21.2 percent of homes under contract within two weeks in July, this year’s market is still seeing a marked improvement. According to Redfin, ‘Market speed over the past two years has slowed in July, with many homebuyers taking a break from the market for summer vacation. The seasonal effect is likely exaggerated this year, as Redfin agents across the country report that their clients have temporarily put their home searches on hold, feeling worn down by bidding wars involving as many as dozens of competing bids, not to mention rising interest rates.’ Market speed is anticipated to remain brisk in the coming months.
Fun facts about the Bay Area Market:
-San Jose (Silicon Valley), California was the fastest moving market, reporting 44.7 percent of homes under contract within two weeks of their debut.
-California boasts itself as home of six of the nation’s 10 fastest markets, with ncluding San Jose (#1) and San Francisco (#2) leading the pack.
For the full report visit Redfin.