Strong Housing Market Slows in July, But Still Very Active

Inman News

22 August 2013

Some homebuyers fed up with bidding wars, rising interest rates and ever-increasing home prices are taking a break from their quest for a home, prompting a slight dip in the share of homes immediately snatched up in July, according to online brokerage Redfin.

In the 23 major markets nationwide, 29.2 percent of homes went under contract in less than two weeks last month, down from 30 percent in June and 32 percent in April, Redfin said. But the housing market is still burning hot compared to July 2012 and July 2011 when only 20.5 percent and 12.6 percent of homes, respectively, went pending within two weeks.