The demand for home purchases remains strong according to new numbers out from Redfin. As the number of sellers dropping their asking continues to increase, so does the median home sale price—up 16 percent year-over-year.
On the downward side of the data, pending sales are declining seasonally but are still up 10 percent from a year ago.
For the four-week period ending Aug. 22, the median home-sale price was $361,225. Asking prices of newly listed homes were up 10 percent year-over-year to a median of $351,730. Redfin also notes that this is the lowest level since mid-April.
“Demand for homes is making a comeback because even though home prices are high and competition is still steep, homebuyers don’t have many alternatives but to keep trying,” said Redfin Chief Economist Daryl Fairweather. “This continued demand for homes is enticing more homeowners to sell in order to avoid the fear of missing out on historically high prices. This enthusiasm from both buyers and sellers is translating into continued growth in pending sales compared to last year.”