The pace at which homes went under contract slowed a bit in May, likely due to rising inventory, according to a monthly report from real estate brokerage Redfin.
The share of homes that went under contract within two weeks of listing was 31.9 percent in May, down slightly from 33.2 percent in April, but still the biggest decline since December. May also saw the number of homes on the market rise for the second straight month.
Of the 22 markets covered in the report, the six fastest-moving markets were in California with San Jose topping the list. There, 58 percent of homes went under contract within two weeks, and there was less than one month’s supply of homes available. The two slowest markets were Raleigh-Durham, N.C., and Philadelphia, where 11 percent and 9 percent of homes, respectively, were under contract within two weeks.