Home Sales Speed Slowing, Redfin States

The speed of homes entering the market being sold is slowing as inventory starts to creep up, Redfin’s June Fastest Markets report claims. For the month 30.5% of homes listed went into contract within two weeks, down from 31.9% in May, while 19% of homes listed went into contract in one week in June, down from 19.9% the previous month.

Another factor which is slowing the market besides the increased number of listings is the rising interest rate environment. Redfin said this caused some to step back and reassess what they could afford, while others were deterred completely from coming into the market.

But the slowdown was not universal. Miami had a month-to-month gain of 6% and New York 1%, of homes going from listing into contract in a two-week span.

San Jose, Calif., had 52% of its new listings under contract in two weeks in June, next was Bay Area neighbor San Francisco at 49.2%, while Ventura, Calif., was third at 48.4%.

At the other end of the spectrum were Philadelphia, 9%, and Las Vegas 11%.