After two years of record sale price increases for homes, the average asking price of a homeowner has begun to decline. This is according to data from online real estate brokerage firm Redfin.
Nearly 15 percent of home sellers have lowered their asking price in the last four weeks, up from 9.1 percent one year ago, according to Redfin data.
“Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market,” Redfin Chief Economist Daryl Fairweather said. “Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller’s territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time.”
The median home sale price was still 17 percent higher from one year ago, at a record $396,125. The median asking price for a newly listed home increased by 16 percent from last year to $408,458, an all-time high since Redfin began recording this data in 2015.
Red says that 56 percent of home sellers accepted an offer within the first two weeks of listing their house, up from 54 percent one year ago. Additionally, Redfin reported 56 percent of homes sold for above their listed price. Houses were on the market for a median of 15.5 days, a drop from 21.2 days one year ago. The closing period, currently 26.5 days, also saw a decline of two days from one year ago when the process took 28.5 days.