Home prices are beginning to cool as active listings have jumped by 35%. For the first time since the onset of the pandemic, the typical home is selling below list price. This trend is driven by waning buyer demand amid high housing costs and stale inventory, with over 60% of listings remaining on the market for at least a month. According to a new report from Redfin, the typical home sold for 0.3 percent less than the original asking price in the past month. Redfin's chief economist noted to YahooFinance that homes are taking longer to sell and selling for under asking price on average, giving buyers more negotiating power.
For the first time since the pandemic, the average home is selling for under its asking price. https://t.co/IrM2LOWqVm
"We're starting to see some early softening in the market," Redfin chief economist @FairweatherPhD says. "Homes [are] taking a bit longer to sell, they're selling for under asking price on average, and that means that buyers are getting a little bit more negotiating power." https://t.co/PnWMqRLqsG
The typical home sold for 0.3 percent less than the original asking price in the past month, according to a new report from Redfin. https://t.co/Q5K9NxiRnl
For the first time since the onset of the pandemic, the typical home is selling below list price. This comes as buyer demand wanes amid high housing costs and inventory grows stale—over 60% of listings have been on the market for at least a month. #housing
Home prices begin to cool as active listings jump 35% https://t.co/8v8eV5qqly