In the four weeks through June 8, roughly 29% of homes sold above the list price, down from 32% a year earlier and the lowest share for this time of year since 2020, when the beginning of the COVID-19 pandemic ground the market to a halt. During the same period in 2022, about 53% of homes sold above list price, according to the real estate brokerage.
"It's still tough for many Americans to buy a home, as affordability remains a real challenge, but house hunters should know that sellers are accepting offers below asking price and giving concessions to get deals done," Redfin Head of Economics Research Chen Zhao said. "Buyers have negotiating power, especially if they're flexible on timing or location, or if they're willing to take on a fixer upper."
The median sale price in the four weeks ended June 8 was $397,000, reflecting a $28,950 discount from the median list price, according to the report.
Economic uncertainty and high housing costs have sidelined prospective buyers. The median monthly housing payment is only $29 shy of its all-time high, with mortgage rates approaching 7% and median home sale prices up 1.6% from a year earlier, Redfin said.
The share of homes selling above asking price dropped from a year earlier in all but five of the most populous US metro areas. The San Jose, Anaheim, and Oakland markets in California, recorded saw the steepest declines, the brokerage said.
Pending home sales in the US dropped 1.1% year over year to their lowest level for this time of year in Redfin's records. Roughly 38% of homes went under contract within two weeks, which the brokerage said also marked the lowest reading for this time of the year since 2020.
On an annual basis, new listings rose 5.2% during the four weeks through June 8. Week over week, mortgage purchase applications are up 10%, indicating that pending home sales could improve soon, according to the report.
Price: 10.97, Change: +0.23, Percent Change: +2.09
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