Is balance returning to the housing market? New numbers out from Redfin seem to indicate as such, with the largest share of homes lowering their asking prices since 2019.
The share of homes for sale with a price drop rose for the fifteenth consecutive week (ending Aug. 8) to 4.9 percent. Those prices are generally more realistic, and while they are still being bid up half the time, homes are selling for less of a premium above list price than they were in June and July.
Additionally, Redfin notes that homes are staying on the market a little longer—on average 17 days.
Pending home sales were up 5 percent year-over-year, the smallest increase since the four-week period ending June 28, 2020. Pending sales were down 10 percent from their 2021 peak during the four-week period ending May 30.
Additionally, asking prices of newly listed homes were up 11 percent from the same time a year ago to a median of $355,389. That’s down 1.6 percent from the all-time high set during the four-week period ending June 27, and the lowest since early May.
For more on Redfin’s new batch of numbers, click here.