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Report says Housing Market may Return to Sluggishness

July 2nd, 2013 Comments off

As housing inventory expands, Redfin says the housing market is undergoing a slight slowdown, based on data from 22 markets across the nation that ranks the percentage of homes that go under contract within two weeks of their listing. HousingWire reports 32 percent of homes went under contract within 14 days of their entering the market in May, a drop of 1.2 points from April and the biggest decline since Dec. 2012. MHProNews has learned a rise in inventory may have contributed to the drop, as housing stock for sale grew 6.4 percent from March to April, 2013, and 4.2 percent from April to May. Additionally, the recent rise in interest rates may contribute to a further slowdown.

(Image credit: viewpoint.ca)