More good news for buyers is out from Redfin: The average home sold for less than its list price for the first time since March 2021 during the four-week period ending August 28.
Prices have declined 6 percent from the record high of $393,725 hit during the four-week period ending June 19.
The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was up 15 percent from the 2022 low in June during the week ending August 28, but was down 16 percent year over year.
“While the cooldown appears to be tapering off, there are signs that there is more room for the market to ease,” said Redfin Chief Economist Daryl Fairweather. “The post-Labor Day slowdown will likely be a little more intense this year than in previous years when the market was super tight. Expect homes to linger on the market, which may lead to another small uptick in the share of sellers lowering their prices. Homebuyers’ budgets are increasingly stretched thin by rising rates and ongoing inflation, so sellers need to make their homes and their prices attractive to get buyers’ attention during this busy time of year.”