New Zillow data shows that key housing indicators are “inching closer to seasonal norms.”
Zillow’s data showed that:
- The share of homes sold above list price fell to 28%, the lowest rate since June 2020.
- Monthly mortgage costs have fallen more than $100 from peak with lower rates, but are still nearly double what they were in 2019.
- It takes about 30 days to sell a home, compared to six in April 2022 and 43 in 2019.
List prices are once again roughly indicative of sale price and even “slightly aspirational” on the sellers’ part, according to Zillow.
More than one in four (28%) homes nationwide sold above their first list price in November (the most recent data). That’s the lowest portion since June 2020. It is still higher than the 21% that sold above list price in November 2019, according to the data.
Metros with the highest share of homes selling above list price are relatively affordable: Buffalo (63%), Hartford (57%) and Milwaukee (48%).