Strong homebuying demand continued through the end of August, with pending sales up 6% from a year earlier, according to a new report from Redfin.
Measures of competition, such as the share of homes sold above list price and the number of homes sold in two weeks, are continuing to soften. Even so, home prices remain high, up 14% from the same time a year ago.
“More homes were listed this summer, but they were quickly snatched up by homebuyers even as bidding wars have become more rare,” said Redfin Lead Economist Taylor Marr. “The market hasn’t cooled off any further than it usually does this time of year, and we expect homebuying demand to remain strong through the fall.”
With regard to prices:
- The median home-sale price increased 14% year over year to $358,250
- Asking prices of newly listed homes increased 10% from the same time a year ago, reaching a median of $353,500 — on par with asking prices in late April, and down 2% from the all-time high set during the four-week period ending June 27
With regard to listings:
- New listings of homes for sale declined 7% from a year earlier
- The number of homes being listed is in a typical seasonal decline, down 16% from the 2021 peak reached during the four-week period ending June 27
- Active listings (the number of homes listed for sale at any point during the period) fell 23% from 2020
- Active listings were up 14% from their 2021 low set during the four-week period ending March 7, but have declined 3% from their 2021 peak hit during the four-week period ending August 8
The company said that 47% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 43% rate of a year earlier, but down 9% from the 2021 peak set during the four-week period ending March 28.