Home prices remained constant near their all-time highs through the middle of the summer weeks, despite the dynamism of the ultraseller market doing so continue to fray.
Seattle-based real estate agency Redfin said the median home price was $ 361,225 for the four weeks ended Aug. 22. That’s about the level they’ve been at for two months Redfins report.
Meanwhile, the price gap has closed to 16 percent year-on-year – which means prices are significantly higher than at this time last year, but the difference was less extreme than in previous months.
Around this time last year, house prices were still rising as buyers and sellers struggled with the exceptional market conditions introduced by the pandemic. Demand skyrocketed, Inventory dropped sharply and prices continued to rise well into November.
“This continued demand for home ownership is attracting more homeowners to sell in order to avoid the fear of missing out on historically high prices,” Redfin chief economist Daryl Fairweather said in the report. “This excitement from both buyers and sellers results in sustained growth in outstanding sales compared to last year.”
Inventories were down 23 percent year-on-year, but have been gradually replenishing for months, as has not been the case since early summer 2020.
New listings rose slightly from that time last year, with patterns following the typical mid-to-late summer market decline.
In the meantime, Asking price started lowering their highs in the spring and a small but growing proportion of homes were selling below asking price.
The typical asking price for a home was $ 351,730, nearly 3 percent less than in June.
Slightly more than half of the houses were sold above list price in the same period, an exceptionally high proportion compared to 32 percent in the previous year. Still, that number has been falling for about a month and a half, Redfin said.
salesperson initial list prices have also become less bulletproof in the past few weeks. About 1 in 20 offers saw a price decline, a rate roughly coinciding with that period in 2019. In the same four-week period last year, only 1 in 27 sellers had to lower their original prices.
After considering seasonal patterns, Redfin agents are now seeing more signs of homebuyer demand than they did in the early weeks of summer.
The real estate purchase demand index, based solely on this internal Redfin data of consumer inquiries for home tours and other services, rose 20 percent year-over-year in the four weeks ended August 22.
“Home demand is making a comeback because while home prices are high and competition is still fierce, homebuyers don’t have many alternatives but keep trying,” Fairweather said in the report.
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