With the end of the fall buying season, U.S. homes took a little longer to go under contract in November, according to mortgage data website Redfin.com.
The median number of days that homes stayed on the market before scoring a pending sale rose to 34 days from 31 days in October. At the same time the percentage of homes across the country that went under contract in two weeks was essentially unchanged, moving up to 27.2 percent in November from 26.9 percent the month before.
San Jose, Calif. Was the market that had the fastest sales paces in the nation with 48.6 percent of homes going under contract in two weeks. San Francisco was a close second with 45.8 percent and Boston was third with 39.7 percent.
“Homebuyers are serious about finding a home before competition heats up in the spring and they know that speed is essential. While most Americans were shopping for turkeys as Thanksgiving approached, Bostonians were touring homes and making offers,” according to Redfin agent Adam Welling in a press release.
Compared with last year at this time, Bostons sales speed has increased 25 percent, the most of any tracked area and the median number of days on the market for homes in the area dropped to 42 in November, down from 55 the previous year.
There were certainly some markets that did not experience such speed. Philadelphia was at the very bottom of the 23-city list with just 6.7 percent of all homes going under contract in two weeks or less. Thats up however from last years 4.4 percent, a sign that things are at least improving incrementally.
Sacramento had the largest yearly speed decrease, going from 41.5 percent of all homes in November 2012 gong under contract in two weeks, to 26.5 percent in November 2013, a 14.9 percent decline.
And rising mortgage interest rates may continue to price some buyers out of the market and could push down the sales pace even further in the coming months.
by Ethan Leak