According to Redfin's Housing Market Tracker, June 2016 was the fastest and most competitive month on record, with homes going under contract in a record 41 days and 25.9% of homes going off the market in just two week, which represented an increase from June 2015. Redfin staffer Nela Richardson takes a look at this record month for the housing market, which also saw supply drop to its lowest level of 2.8 months.
Most are now wondering what it is to be expected in the second half of the year follow a record-setting June, and the answer to that question maybe relief and normalcy:
In June, the percentage of homes that went under contract in less than two weeks came closer to last year’s level, up only 3.7 percent year over year. In May, the year-over-year change was wider at 4.6 percent. If the pattern continues, we may see the market return to a more normal speed.