A typical home sold for 0.3% less than its original asking price over the past month, according to a new report from Redfin.
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Record-high home prices are keeping buyers on the sidelines and forcing sellers to lower listing prices at a rate not seen since the pandemic brought the housing industry to a standstill, according to a report released Thursday by Redfin.
The portal and brokerage wrote in a report that a typical home sold for 0.3% less than the original asking price last month. new report. This is the first time since the pandemic began that an average home has sold for less than its listing price.
The number of homes sold above the listing price was smaller, accounting for 32.3%. That number is down from a year ago, Redfin reported. On average, nearly 7% of sellers reduced prices, up from 4.7% a year ago.
Home sales prices rose 4.9% to a record high of $397,250. Meanwhile, 30-year mortgage rates remain around 7%, meaning a typical monthly payment of $2,785 is near record highs.
Inventory has also increased, with homes sitting vacant longer. National listings are up 8.2% from a year ago, while pending sales are down 4.3%.
According to Redfin, sixty percent of homes have been vacant for at least a month without a contract.
Marije Kruythoff, an agent with Redfin Premier in Los Angeles, says the condition and location of a home are big differentiators.
“The hottest properties in the area are either move-in-ready or ready to be renovated,” Krussoff said. “The homes in between, the ones that are pretty nice but not updated, stay on the market the longest.”
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