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Homebuying pace remained steady in November

Homebuying pace remained steady in NovemberHome Buyers  \  December 30, 2013 04:41 pm

Following the holidays, homebuyers appear to be in good faith that the housing market is still getting better.

According to a recent report by Redfin, the rate of homebuyers remained steady over the holidays . November marked the third consecutive month of market speed stability.

According to the report, 27.2 percent of homes in 23 metro areas went under contract in less than two weeks during November, slightly more than the 26.9 percent of homes in October.

While most real estate markets under normal conditions experience a slowdown in sales during the fall and winter, the rate of buying remained the same.

Buyers looking for a new home are usually more serious about finding a property in the winter, when there are fewer buyers and less competition.

"Homebuyers are serious about finding a home before competition heats up in the spring and they know that speed is essential," said Adam Welling, a Redfin agent. 

Although the percentage of homes that sold in under two weeks increased, the average property took a few days longer to go under contract in November, up to 34 days from 31 days in October.

Report highlights
There were some differences across the country, with 48.6 percent of homes is San Jose going under contract in under two weeks. The median number of days a home sat on the market in San Jose was just 12 days in November. However, Philadelphia experienced much slower transactions, with only 6.7 percent of homes going under contract in under two weeks. The average number of days a Philadelphia home sat on the market was 71 days. In Chicago, 29.2 percent of new listings went under contract in less than two weeks during November.

Las Vegas, a city that was hit hard by the recession, had a great increase in market speed month to month, jumping 5.7 points in November for homes going under contract in less than two weeks. Meanwhile, the Sacramento housing market slowed down, dropping 14.9 percentage points. Boston had the highest rate of year-over-year growth, with a 25 point increase. The average number of days a home stayed on the market in Boston dropped from 55 days last year to 42 in November.

The National Association of Realtors recently reported that home sales rose in November , a sign that the increase in mortgage rates is having little effect on homebuyers. Additionally, the association noted that as sales drop off in the West, the rest of the country may be experiencing an upswing.

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