The percentage of homes that went under contract within two weeks dropped from 31.9% nationwide in May to 30.5% in June, according to the latest report from Redfin. However, despite recent slowing, the market remains faster in June than it has been in years.

"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," said Charmaine Frank, area manager of Redfin San Francisco.