For the first time since last August, Redfin is reporting that the average sale-to-list price ratio has surpassed 100 percent. Buoyed by low inventory amid steady demand, the average sale-to-list price ratio hit 100.1 percent during the four weeks ending July 2.
Additionally, the median home-sale price ($383,800) was down just $1,000 ( down 0.3 percent) from a year ago. A lack of homes for sale is the main reason homes are selling above their asking price, with new listings down 25 percent from a year ago. Additionally, the total number of homes for sale is down 12 percent.
Touring activity as of July 2 was up 6 percent from the start of the year, compared with an 11 percent decrease at the same time last year.