Even with softening demand home prices continue to climb, according to Redfin’s latest weekly report…(Redfin)
- On average 5.1% of homes for sale each week had a price drop which is the highest level since the four-week period ending October 13, 2019.
- The median home-sale price increased 16% year over year to $361,225.
Even though prices are still on an upward trajectory the signs of a slow down continue to grow…
- Asking prices of newly listed homes was up 10% from the same time a year ago to a median of $351,730, the lowest level since mid-April and is down 2.7% from the all-time high set back in June.
- Homes that sold were on the market for a median of 18 days which is up from the all-time low of 15 days seen in late June and July.
Redfin Chief Economist Daryl Fairweather said it is still very much a buyers market…
- “Demand for homes is making a comeback because even though home prices are high and competition is still steep, homebuyers don’t have many alternatives but to keep trying…”