Redfin: High percentage of properties sold within two weeks last month

A considerable number of people in April closed on a home purchase within two weeks of the home being listed as for sale.Not only did home prices and sales activity rise in April, but the pace at which properties were purchased was exceedingly swift, a new report details.According to national real estate broker Redfin, home prices jumped 16 percent year over year and home sales growth was nearly 11 percent above the same time last year. But perhaps the most significant development was how quickly housing transactions were completed. Approximately 35 percent of the properties that were listed as for sale in April were under contract within two weeks of hitting the market. That eclipses the previous record?set in March.As for which markets produced the fastest-selling residences, Redfin notes that the top four were San Jose, San Francisco, Denver and Ventura. In each of these instances, more than half of the properties up for sale sold within 14 days.The Houston real estate scene has seen its fair share of quick purchases. From October of last year to February 26, Houston had 188 “flash sales,” or home sales completed within 24 hours of being listed. The only markets with more over the same period was Phoenix and Chicago, according to the separate report, also conducted by Redfin.
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