More than One-Third of Listed Homes Sold Within 2 Weeks

By: Esther Cho, DSNews.com

More than one-third of homes were taken off the market in two weeks or less last month, Redfin revealed in its most recent monthly housing report.

On average, 34 percent of homes were under contract within 14 days of their debut in February, an increase from 30.3 percent in January, the online real estate broker reported.

In addition, a handful of metros, especially in California, saw an even greater share of homes get taken off the market within two weeks.

In San Jose, 63.1 percent listings were sold within two weeks, the most out of the 19 metros the report covers.

Other California metros with a much higher percentage were San Francisco (56.8 percent), Ventura (52.6 percent), Los Angeles (51.3 percent), and Inland Empire (49.8 percent).

Redfin also reported a continued year-over-year decrease in inventory, which has fallen 32 percent from February 2012. Though, inventory did inch up 1.1 percent from January 2013.

As inventory stayed low, home prices ended last month with a 13.2 percent year-over-year increase and 2.4 percent month-over-month gain.

Sales, constrained by a lack of inventory, were up just 2.3 percent from a year ago and 0.7 percent from last month, Redfin reported.

Redfin’s analysis is based on local databases used directly by real estate agents to list properties and record sales.

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