Homebuyers Moved Faster with Purchases in May: Redfin

Homebuyers snapped up properties more quickly in May, the brokerage firm Redfin said.

Homes sat on the market for 28 days in May, down from 32 days in April. In another indication of homebuyers' speed, 35.6% of homes went under contract within two weeks of going on the market. That's just shy of the peak of 35.8% in May 2013, Redfin said.

The growth in home prices slowed in May. The average price rose 1.6% from April to May, down from the rate of at least 3% growth for May in each of the last five years.

Sales in all markets that Redfin serves rose 5.4% in May, compared to April. That's up from a 3.1% rise in same period last year. But it's a slowdown from double-digit percentage growth in May in the past three years. Redfin cited an inventory shortage for the slowdown.