Our friends at Redfin have some new numbers that show a slowing, but still pricey, market.
Pending home sales rose 9 percent for the four-week period ending August 29, the slowest growth since June 2020. That’s still down 8 percent from their 2021 peak hit during the four-week period ending May 30. Additionally, the actual number of pending sales fell to the lowest level since April 2021.
Per Redfin analysts, more and more home sellers have also been cutting asking prices in some market. And yet, prices remain at 15 percent higher than a year earlier.
“The housing market has clearly become slightly more favorable to buyers,” said Redfin Chief Economist Daryl Fairweather. “Homes are taking longer to sell, which gives buyers more time to make thoughtful decisions about whether to make offers. Home prices have plateaued, so buyers shouldn’t feel rushed to buy before prices rise further. And the fact that more sellers are dropping their list price is a sign that sellers have to be realistic about their price expectations.”
In other data news, active listings fell 22 percent compared to the same period in 2020. Active listings were up 17 percent from their 2021 low set during the four-week period ending March 7, per Redfin, but have declined 1 percent from their 2021 peak hit during the four-week period ending August 8.
For more news on the latest data set from Redfin, click here.