As a whole, home prices are still high and seemingly breaking records month after month. But if you’re a prospective buyer, there’s a some glimmer of welcome news coming from the Redfin analytics team.
For the single week ending July 18, 4.9 percent of listings had price drops, on par with 2019 levels. Those lowering asking prices were most common in Phoenix, Austin and Bend, OR.
Additionally, growth in new listings, which are up 2 percent from a year ago, which should offer a little relief to buyers.
“Just as buyers are pulling back, more listings are hitting the market,” said Redfin Chief Economist Daryl Fairweather. “I’m optimistic this will create conditions for a little bit of rain in this inventory drought. A homeowner who is thinking of selling to buy again is going to have a much easier time now than they would have back in March. That’s because it’s becoming less competitive to buy and it is still a historically good time to sell.”
Elsewhere, Redfin notes that 55 percent of homes sold above list price, essentially plateauing, having been 54-55 percent since the four-week period ending June 27.