In yet another sign that the market is correcting itself following two-plus years of record highs, Redfin’s latest data report shows that asking prices are sliding from the Spring.
According to Redfin, the median asking price of newly listed homes is down 1.5 percent from the record-highs hit earlier this year. In fact, new listings of homes for sale were down 7 percent from a year earlier, for the week ending June 26.
Additionally, pending home sales were down 13 percent year-over-year, the largest decline since May 2020.
In terms of what’s selling, 54 percent of homes sold above list price, up from 53 percent a year earlier. This measure peaked in mid-May and has declined 2.5 points since then.
On average, 6.5 percent of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015.
“Data on home-tours, offers and mortgage purchase applications suggest that homebuyers have noticed the shift in power and are no longer leaving the market in droves,” said Redfin chief economist Daryl Fairweather. “Buyers coming back will provide support to the housing market, but between now and the end of year I think the power will continue to shift towards buyers, resulting in mild price declines from month to month.”