Redfin’s new four week report out shows declines for the first time in quite a while. For the four-week period ending August 1, Redfin notes that at $362,750, the median home sale price did not set a new record high for the first time since early March. Instead it was flat, though still up 18 percent from a year earlier.
Additionally, asking prices of newly listed homes were down 1 percent from their all-time high posted during the four weeks ending June 27, according to the report. Asking prices were still up 12 percent year-over-year. Also down ever so slightly, new listings of homes for sale, by 0.2 percent from a year earlier, the first decrease since March.
Pending home sales were up 3 percent year-over-year (the smallest annual increase since the four-week period ending June 28, 2020). Compared to the four-week period ending July 25, 2021, pending sales were down 3 percent, and down 12 percent from their 2021 peak hit during the four-week period ending May 30.
Active listings (the number of homes listed for sale at any point during the period) fell 26 percent from the same period in 2020—the smallest decline since the four-week period ending December 27, 2020. Redfin does note that active listings were up 13 percent from their 2021 low hit during the four-week period ending March 7.
On average, homes continue to sell within 16 days on the market, flat from the previous four-week period.