The report covered 19 different metro areas across the country and revealed that on average, 34% of homes were under contract within 14 days of being listed. This was an increase from January’s 30.3%.

Some metro areas, especially in California, saw even higher numbers. San Jose for example, saw 63% of homes selling within two weeks of being listed.

The report also touched upon one of the main pains most Agents have been feeling… The fact that inventory had fallen by 32% over the past year. However, it DID rise 1.1% in February compared to January 2013.

As a result of the low inventory, home prices were up 13.2% compared to this time last year and sales were up just 2.3% in that same time time span.

Have you been seeing an incredible turnaround time with your listings?

Source: Analysis from Redfin based on local databases used directly by real estate agents to list properties and record sales.

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According to the survey, 38% of the home sellers asked said they plan to hold off on selling their house for over a year, while only 25% of the active sellers are planning to sell now. 36% of respondents plan on waiting 3 to 12 months before listing their home.

“The would-be sellers we surveyed have made it clear that inventory is not going to meaningfully increase any time in 2012, which will limit sales volume gains-and the lift that real estate delivers to the economy this year,” said Redfin CEO Glenn Kelman. “We believe the main problem is not, as conventional wisdom would have it, that people can’t sell because they’re underwater on their mortgage. The problem with sales volume is that most home-owners just don’t want to sell.”

A majority of the respondents said they view the current real estate market as being favorable to Buyers because of recent trends and statistics showing low home prices. These same homeowners expressed an overall optimism for the future increase of home prices, and therefore believe they can get more money out of their home by waiting a year or more to sell.

As a result of an increase in rental prices, many home owners (46%) are considering renting their homes instead of selling. Redfin claims that this is actually driving down housing inventory as many homeowners are buying new houses and renting their current ones.

Also according to the survey, the biggest concerns for sellers this year was the economy (49%), foreclosures (34%), financing trouble (30%), and the anticipation for prices to rise (28%).

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According to the article, sales of existing homes were up 9.6 percent in May compared to a year ago, with 4.6 million homes changing hands at a seasonally adjusted annual rate. This also includes a 15 percent rise in contracts to buy existing homes, indicating that the market will continue to improve.

The data suggests how Fed Chairman Ben Bernanke’s low interest-rate policy is likely beginning to finally save the housing market from a six-year decline and providing a boost to the overall economy. Home buyers are benefiting from record-low mortgage rates and are taking advantage of the situation.

Michelle Meyer, Senior U.S. Economist at Bank of America, stated, “The Fed is very much focused on the housing market because that’s typically the best way to channel low interest rates – through home sales and refinancing. We are seeing some signs that the credit channel is unclogging modestly, and the Fed is going to be quite pleased with that.”

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