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Home buyers singing contracts at fastest pace in nine years

For the first time in nine years, pending homes found buyers within 14 days after landing on the market. In the last week of the month, around 55 percent of homes that went under contract had an accepted offer within the first two weeks.

The week of Jan. 24 saw the largest share of pending homes find buyers within 14 days in at least nine years.

Around 43 percent of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 35 percent rate during the same period a year ago, according to a report by Redfin.

During the week of Jan. 24, this measure hit 55 percent—the highest point since at least 2012, according to the report

Over the four weeks leading up to that date, new home listings across over 400 U.S. metro areas fell 12 percent from a year ago, the largest decline seen since May 2020.

However, home prices rose 15 percent and pending sales were up 30 percent.