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HOME-SELLING SPEEDS DOWN IN DECEMBER
Nationally, home-selling speeds slowed
again in December, but many markets continue
to see listings move at a brisk pace.
Redfin reports the median time on market
for homes in its 21-city survey was 35 days in
December, up three days from November. e
median time on market in December 2012 was
30 days, according to the company.
Compared to November, only two of the
tracked markets saw sales move faster: Ventura,
California, where days on market fell by three to
24; and Houston, where days on market fell by
one to 31.
Miami saw no monthly change in the amount
of time homes spent on the market 48 days.
San Francisco and San Jose led the pack in
market speed, with both cities posting a median
market time of just 18 days. While that was a bit
slower than November's pace, it was still almost
a week faster than Washington, D.C., and
Ventura, where homes spent a median 24 days
on the market.
e slowest market was Philadelphia; homes
in the City of Brotherly Love spent a median 72
days listed before going under contract.
Redfin also followed the number of listings
in each market that went under contract within
two weeks in December—finding that many of
the cities that slowed down overall were also the
same ones to report a rise in these speedy sales.
"is means that even though nearly every
area slowed down in December, as indicated by
the number of days spent on market, segments
within some markets sped up," explained Redfin
analyst Troy Martin.
Not surprisingly, San Jose saw an increase
of nearly 5 percentage points in the number of
homes under contract within 14 days of listing
(up to 52 percent); the same wasn't true for San
Francisco, where 41.1 percent of homes were
under contract that quickly (down from 42.7
percent).
Nationally, Redfin reports 20.8 percent
of homes in all surveyed markets were under
contract within two weeks, down from 21.5
percent in November and 21.2 percent in
December 2012.
Since reaching 32.3 percent in April, the
percentage of homes pending for sale within
two weeks has declined steadily, according to
Redfin's data. December's figure was the lowest
for the year—but that trend is projected to turn
around soon.
"In the coming months, we expect market
speed to pick up across Redfin metros as the
2014 real estate season kicks off," Martin said.
"However, low inventories and the prospect
for rising mortgage rates in 2014 have led some
markets to speed up early."
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