Real Estate

Housing sees a slight slowdown as inventory grows

The U.S. housing market is seeing a slight slowdown, according to the latest market report from Redfin, which ranks 22 markets across the country by the percentage of homes that went under contract within 14 days of their debut. 

Only 32% of homes went under contract within two weeks of their debut in May, a drop of 1.2 percentage points from April. This drop is the largest since December 2012.

It is likely that an increase in inventory was a contributor to the slowdown in selling speed. Inventory increased 4.2% from April to May and 6.4% from March to April.

The rise in interest rates that happened between May and June may indicate further slowdowns are ahead. Initial conclusions from Redfin suggest that homebuyers already in the market are being more aggressive in their pursuit for a home, while buyers at the very beginning of the process might be discouraged from entering the market.

Redfin’s research also found that San Jose was the fastest-moving market, with 58% of new listings going under contract within two weeks of hitting the market.

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please