Tag Archives: Home Sales

New York Residential Closed Median Sale Price Slightly Increases in January

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OneKey® MLS, reporting detailed, month-over-month statistical information about residential, condo, and co-op sales transactions in the regional MLS coverage area, reported an increase of 0.90% in the closed median sale price between December 2022 and January 2023.

Farmingdale, NY – Feb. 20, 2023 (PRNewswire) OneKey® MLS is the one source real estate marketplace for monthly statistics for residential real estate transactions from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains. For January 2023, OneKey MLS reported a regional closed median sale price of $575,000, representing a 0.90% increase as compared to the reported $570,000 in December 2022. Between December 2022 and January 2023, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 3,551 from 4,363, representing a -18.60% month-over-month change.

OneKey® MLS, the largest MLS in New York, aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented. The infographic demonstrates month-over-month closed median home price comparisons for the region.

Three of nine counties reported an increased closed median sale price in a month-over-month comparison, while six counties reported a decreased median sale price. Rockland (+5.90%), Nassau (+1.20%), and Westchester (+0.50%) Counties reported month-over-month increases in closed median sale price. Queens (-0.70%), Suffolk (-0.90%), Orange (-1.30%), Putnam (-4.10%), Sullivan (-4.40%), and Bronx (-6.80%) Counties reported month-over-month decreases in closed median sale price.

Table showing Month over Month change in closed median sale price for Residential Real Estate in the NY Regional coverage area of OneKey MLS.
Table showing Month over Month change in closed median sale price for Residential Real Estate in the NY Regional coverage area of OneKey MLS.

Richard Haggerty, CEO OneKey MLS, said, “Regionally speaking, January closed median home prices have held. However, closed and pending transactional activity has been trending downward since the end of last year, the cumulative effect of rising mortgage rates and inflation that has sidelined many prospective homebuyers.” Haggerty says, “I expect homebuyer demand to increase as the winter thaws and sellers begin to put their homes on the market. Typically, springtime gets people moving!”

For further detailed statistical information about residential, condo, and co-op sales transactions, please visit https://www.onekeymls.com/market-statistics 

OneKey MLS, made possible by the merger of MLSLI and Hudson Gateway MLS, is one of the nation’s leading Multiple Listing Services, serving over 50,000 REALTOR® subscribers and 4,500 participating offices throughout Long Island, Manhattan, and the Hudson Valley. OneKey MLS is dedicated to providing more comprehensive coverage, up-to-date statistics, and the best real estate tools and resources.

Media Contact:
Tricia Chirco
SVP Marketing and Communications
631-670-0710 x405
353999@email4pr.com

SOURCE OneKey MLS

California Home Sales Inch Up In January For Second Straight Month As Prices Moderate Further, C.A.R. Reports

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  • Existing, single-family home sales totaled 241,520 in January on a seasonally adjusted annualized rate, up 0.4 percent from December and down 45.7 percent from January 2022.
  • January’s statewide median home price was $751,330, down 3.0% percent from December and down 1.9% percent from January 2022.
  • Year-to-date statewide home sales were down 45.7 percent in January.

LOS ANGELES, Feb. 16, 2023 (PRNewswire) California home sales edged up in January for the second straight month, as interest rates continued to take a breather, but still remained below the 250,000-unit sales pace for the third straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 241,520 in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. January’s sales pace was up 0.4 percent on a monthly basis from a revised 240,630 in December and down 45.7 percent from a year ago, when a revised 444,400 homes were sold on an annualized basis.

“Thanks to slightly waning interest rates and tempering home prices, California’s housing market kicked off the new year with another step up and continued to improve in January as buyers gained more confidence in purchasing a home and the affordability outlook improving slightly,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “While the monthly sales gains have been nominal over the past two months, the market is moving in the right direction, and more gradual improvements could be coming in the months ahead as the market moves into the spring homebuying season in a few weeks.” 

California’s median home price receded in January to $751,330, down 3.0 percent from the $774,850 recorded in December, which was the fifth straight monthly decline. January’s price also was lower on a year-over-year basis for the third consecutive month, declining 1.9 percent from the $766,250 recorded last January.

California home sales inch up in January for second straight month as prices moderate further.
California home sales inch up in January for second straight month as prices moderate further.

Infographic: https://www.car.org/Global/Infographics/2023-01-Sales-and-Price

“Job layoffs in recent months, primarily in the tech sector, have contributed to a decline in both sales and prices in higher-priced housing markets, particularly in the San Francisco Bay Area,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With home prices expected to remain soft and the mix of sales continuing to shift toward less expensive housing units throughout the rest of 2023, the market will see more downward price adjustments in the next few months.” 

Other key points from C.A.R.’s January 2023 resale housing report include:

  • At the regional level, all major regions recorded year-over-year sales drops of more than one-third. The Central Valley dropped the most of all regions at -43.3 percent as eight of the 12 counties in the region registered sales drops of more than 40 percent year-over-year in January. Southern California (-41.1 percent) was another region in the state with a drop of over 40 percent, followed by the Far North (-39.6 percent), the San Francisco Bay Area (-36.9 percent), and the Central Coast (-35.1 percent).
  • All counties tracked by C.A.R. experienced a year-over-year sales drop in January, with 45 counties plummeting more than 30 percent and 11 counties falling more than 50 percent from a year ago. Siskiyou (-73.8 percent) had the largest sales drop, followed by Mono (-73.3 percent) and Yuba (-63.6 percent). Only two counties ― Glenn (-14.3 percent) and Kings (-19.7 percent) ― out of 51 counties monitored by C.A.R. had a sales decline of less than 20 percent in January from the same month of last year.
  • At the regional level, median home prices dropped from a year ago in all major regions, with the San Francisco Bay Area declining the most and by double-digits year-over-year. With prices sliding more than 10 percent in six Bay Area counties, the Bay Area’s regional median price was down 14.6 percent from a year ago and the dip in January was the largest price decline since July 2009. Median prices in the state’s other regions experienced more moderate declines, with the Central Valley’s median price decreasing 6.6 percent, followed by the Far North (-3.4 percent), the Central Coast (-2.6 percent) and Southern California (-0.2 percent).
  • More than four out of five counties experienced a decline in their home price from a year ago in January, with 15 counties posting drops of more than 10 percent year-over-year. Plumas (-23.9 percent) had the sharpest decline of all counties, followed by Mendocino (-23.5 percent), and Del Norte (-19.5 percent). Nine counties recorded an increase in their median prices from a year ago, with four counties growing by double-digits. Siskiyou had the biggest price gain of all counties, increasing 30.8 percent from January 2022, followed by Mono (18.5 percent) and Glenn (18.0 percent).
  • Housing inventory in California continued to rise in January to reach the highest level in 32 months. The statewide unsold inventory index (UII) was double the level of 1.8 months recorded in the same month of last year, surging to 3.6 months in January 2023, a level last seen in May 2020, when the state underwent a pandemic lockdown. Unsold inventory increased from a year ago by 88 percent or more in all price ranges, with the $500,000-$749,000 price range gaining the most (112.5 percent), followed by the $1 million-and-up price tier (105.0 percent), the $750,000-$999,000 (100.0 percent) and the sub-$500,000 (88.9 percent).
  • Weak housing demand continued to create carryover and elevate inventory on the surface, as 48 of the 51 counties tracked by C.A.R. registered an increase in active listings from January 2022. Five counties recorded a triple-digit, year-over-year gain in January as compared to 13 counties in December. Solano recorded the largest yearly growth of 163.6 percent, followed by Yuba (163.5 percent), Solano (119.9 percent), Amador (111.1 percent) and Placer (110.7 percent). Active listings decreased from a year ago in three counties, with Mono (-27.3 percent) dipping the most year-over-year, followed by Del Norte (-23.1 percent) and Plumas (-8.4 percent).
  • The median number of days it took to sell a California single-family home was 33 days in January and 12 days in January 2022.
  • C.A.R.’s statewide sales-price-to-list-price ratio* was 96.5 percent in January 2023 and 101.2 percent in January 2022.
  • The statewide average price per square foot** for an existing single-family home was $371, down from $372 in January a year ago.
  • The 30-year, fixed-mortgage interest rate averaged 6.27 percent in January, up from 3.45 percent in January 2022, according to Freddie Mac.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 217,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

January 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
January 2023Median Sold Price of Existing Single-Family HomesSales
State/Region/CountyJan.2023Dec.2022Jan.2022Price MTM% Chg.Price YTY% Chg. Sales MTM% Chg. Sales YTY% Chg.
Calif. Single-family home$751,330$774,850r$766,250r-3.0 %-1.9 %0.4 %-45.7 %
Calif. Condo/Townhome$580,000$590,000$600,000-1.7 %-3.3 %-19.2 %-43.1 %
Los Angeles Metro Area$700,000$716,500$700,000-2.3 %0.0 %-19.8 %-42.4 %
Central Coast$894,500$869,860$920,4002.8 %-2.8 %-19.0 %-35.1 %
Central Valley$425,000$430,000$455,000-1.2 %-6.6 %-30.8 %-43.3 %
Far North$367,000$350,000$380,0004.9 %-3.4 %-18.4 %-39.6 %
Inland Empire$540,000$535,000$539,0000.9 %0.2 %-15.4 %-49.1 %
San Francisco Bay Area$1,000,000$1,075,000r$1,171,000r-7.0 %-14.6 %-38.1 %-36.9 %
Southern California$738,250$743,180$740,000-0.7 %-0.2 %-19.4 %-41.1 %
San Francisco Bay Area
Alameda$1,065,000$1,065,500$1,250,0000.0 %-14.8 %-35.5 %-32.8 %
Contra Costa$736,500$777,500$829,000-5.3 %-11.2 %-41.5 %-43.6 %
Marin$1,201,000$1,500,000$1,466,500r-19.9 %-18.1 %-63.0 %-52.6 %
Napa$790,000$824,000r$862,500r-4.1 %-8.4 %-46.8 %-41.1 %
San Francisco$1,385,000$1,564,000$1,630,000-11.4 %-15.0 %-34.7 %-22.8 %
San Mateo$1,625,000$1,675,000$2,000,000-3.0 %-18.8 %-36.8 %-31.0 %
Santa Clara$1,530,000$1,478,000$1,716,0003.5 %-10.8 %-35.4 %-39.9 %
Solano$580,000$580,000r$583,500r0.0 %-0.6 %-35.2 %-31.3 %
Sonoma$781,930$785,000r$799,000r-0.4 %-2.1 %-34.8 %-35.9 %
Southern California
Los Angeles$778,540$799,670$800,960-2.6 %-2.8 %-22.0 %-38.2 %
Orange$1,194,500$1,131,760$1,195,0005.5 %0.0 %-20.5 %-35.6 %
Riverside$585,000$575,000$590,0001.7 %-0.8 %-11.7 %-46.5 %
San Bernardino$446,900$466,940$450,000-4.3 %-0.7 %-21.7 %-53.6 %
San Diego$824,950$850,000$875,000-2.9 %-5.7 %-17.9 %-35.1 %
Ventura$815,000$818,000$850,000-0.4 %-4.1 %-28.8 %-40.4 %
Central Coast
Monterey$850,000$775,000$875,0009.7 %-2.9 %-12.6 %-38.2 %
San Luis Obispo$795,750$830,000$851,500-4.1 %-6.5 %-30.4 %-35.6 %
Santa Barbara$890,000$1,055,000$912,500-15.6 %-2.5 %-7.3 %-35.6 %
Santa Cruz$1,170,000$1,175,000$1,257,500-0.4 %-7.0 %-26.5 %-27.4 %
Central Valley
Fresno$375,000$396,000$395,000-5.3 %-5.1 %-29.7 %-37.4 %
Glenn$392,500$286,750$332,50036.9 %18.0 %50.0 %-14.3 %
Kern$357,500$365,000$367,000-2.1 %-2.6 %-24.0 %-35.1 %
Kings$365,000$337,000$322,5008.3 %13.2 %-8.6 %-19.7 %
Madera$387,460$410,500$394,000-5.6 %-1.7 %-31.6 %-40.2 %
Merced$369,000$340,000$387,3808.5 %-4.7 %-47.5 %-58.0 %
Placer$625,000$622,500$670,0000.4 %-6.7 %-30.2 %-40.9 %
Sacramento$498,000$485,000$524,0002.7 %-5.0 %-32.1 %-45.7 %
San Benito$719,000$765,000$842,500-6.0 %-14.7 %-50.0 %-50.0 %
San Joaquin$478,500$465,000$499,9502.9 %-4.3 %-33.1 %-49.5 %
Stanislaus$403,750$420,000$450,000-3.9 %-10.3 %-36.5 %-54.3 %
Tulare$332,720$353,500$333,000-5.9 %-0.1 %-29.4 %-40.2 %
Far North
Butte$410,000$408,500$456,0000.4 %-10.1 %-1.4 %-30.6 %
Lassen$260,000$170,000$259,00052.9 %0.4 %-30.8 %-60.9 %
Plumas$350,000$395,000$460,000-11.4 %-23.9 %-52.2 %-59.3 %
Shasta$373,750$348,500$375,0007.2 %-0.3 %-15.9 %-32.7 %
Siskiyou$385,860$295,000$296,00030.8 %30.4 %-52.2 %-73.8 %
Tehama$314,900$285,600$359,00010.3 %-12.3 %-13.8 %-35.9 %
Other Calif. Counties
Amador$422,500$415,000$400,0001.8 %5.6 %-23.5 %-33.3 %
Calaveras$455,000$449,500$467,5001.2 %-2.7 %-26.8 %-48.8 %
Del Norte$300,000$331,250$372,500-9.4 %-19.5 %-30.0 %-56.3 %
El Dorado$567,500$591,000$607,500-4.0 %-6.6 %-34.7 %-52.5 %
Humboldt$395,000$392,500$425,0000.6 %-7.1 %-40.0 %-39.3 %
Lake$310,000$370,000$349,900-16.2 %-11.4 %-18.9 %-33.8 %
Mariposa$372,500$359,000$350,0003.8 %6.4 %-20.0 %-25.0 %
Mendocino$389,000$599,000r$508,500-35.1 %-23.5 %-12.9 %-32.5 %
Mono$1,125,500$765,000$950,00047.1 %18.5 %-42.9 %-73.3 %
Nevada$470,000$520,000$550,000-9.6 %-14.5 %-29.6 %-47.7 %
Sutter$392,000$383,500$415,0002.2 %-5.5 %0.0 %-41.7 %
Tuolumne$388,000$380,000$386,7502.1 %0.3 %-35.1 %-33.9 %
Yolo$522,500$600,000$542,500-12.9 %-3.7 %6.4 %-28.6 %
Yuba$425,000$420,000$402,5001.2 %5.6 %-50.8 %-63.6 %
r = revised
January 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
January 2023Unsold Inventory IndexMedian Time on Market
State/Region/CountyJan.2023Dec.2022Jan.2022Jan.2023Dec.2022Jan.2022
Calif. Single-family home3.62.71.833.028.012.0
Calif. Condo/Townhome3.52.61.832.028.011.0
Los Angeles Metro Area3.83.11.934.028.013.0
Central Coast3.52.72.130.027.511.0
Central Valley3.72.61.732.027.010.0
Far North5.04.32.749.048.027.0
Inland Empire4.43.71.940.035.516.0
San Francisco Bay Area2.81.61.5r32.028.012.0
Southern California3.62.91.832.027.012.0
San Francisco Bay Area
Alameda2.21.41.526.019.010.0
Contra Costa2.81.51.427.028.09.0
Marin4.51.41.472.034.0r30.0r
Napa5.92.83.2r84.057.047.5
San Francisco2.91.52.034.026.013.0
San Mateo2.41.41.622.022.510.0
Santa Clara2.51.31.622.517.57.0
Solano2.92.0r1.0r58.050.0r30.0r
Sonoma3.32.21.7r43.544.0r40.0r
Southern California
Los Angeles3.73.12.031.025.513.0
Orange3.12.41.630.023.08.0
Riverside4.33.71.839.036.016.0
San Bernardino4.73.82.142.034.016.0
San Diego2.72.21.526.020.09.0
Ventura3.52.32.039.039.020.0
Central Coast
Monterey3.93.22.133.036.010.0
San Luis Obispo4.32.82.332.021.09.0
Santa Barbara2.62.31.918.529.012.0
Santa Cruz3.32.52.035.024.013.5
Central Valley
Fresno4.22.91.929.026.59.0
Glenn2.94.03.031.019.07.5
Kern3.12.41.732.524.59.0
Kings3.53.22.153.022.510.0
Madera7.24.63.137.032.017.0
Merced4.42.41.540.530.014.5
Placer4.12.91.636.033.09.0
Sacramento2.92.11.428.026.08.0
San Benito5.62.32.227.544.512.0
San Joaquin3.72.71.640.029.012.5
Stanislaus3.62.41.424.023.010.0
Tulare3.82.61.934.531.011.0
Far North
Butte3.94.22.442.544.014.5
Lassen10.97.33.6128.094.080.0
Plumas6.93.43.1142.0134.0127.0
Shasta4.23.82.541.533.519.0
Siskiyou13.26.03.5108.032.039.0
Tehama5.85.12.966.072.049.0
Other Calif. Counties
Amador5.54.42.355.043.033.0
Calaveras4.43.42.181.077.073.0
Del Norte10.16.54.2116.091.070.0
El Dorado4.43.02.046.543.533.0
Humboldt6.84.13.024.017.010.0
Lake6.45.24.256.071.039.0
Mariposa5.44.94.357.520.562.0
Mendocino8.47.7r5.0r131.060.052.5
Mono6.34.02.5160.5129.090.0
Nevada3.93.02.342.037.030.0
Sutter2.83.21.238.043.08.0
Tuolumne5.23.93.488.065.039.5
Yolo3.23.41.843.526.010.0
Yuba6.42.81.536.541.011.0
r = revised

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

Redfin Reports Pending Home Sales Improve in January As More Buyers Return

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Pending sales posted their smallest year-over-year decline in three months as mortgage rates ticked down. Early indicators of homebuyer demand, including tour requests and mortgage applications, are increasing from their low point.

Seattle, WA – January 26, 2023 (BUSINESS WIRE) (NASDAQ: RDFN) Pending home sales fell 26% year over year during the four weeks ending January 22, the smallest drop in more than three months, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Pending sales began rising on a month-over-month basis in December as buyers started returning to the market, encouraged by their increased negotiating power and mortgage rates that have declined to 6.1% from their 7% peak. That signals the recent increase in early-stage homebuyer demand—mortgage-purchase applications are up 28% since November and Redfin home-tour requests are on the rise—is starting to translate into sales.

More demand from buyers and less supply from homeowners—new listings of homes for sale are down 18% from a year ago, though that’s a smaller drop than recent weeks—is holding prices steady. The median U.S. home-sale price rose 1.1% year over year to $350,000, the biggest increase in over a month. On a local level, the number of metros where prices are falling from a year earlier is shrinking. Home prices declined in 17 of the 50 most populous U.S. metros, with the biggest drops in the Bay Area, down from 20 at the beginning of January.

Redfin agents are reporting that mortgage rates dipping nearly a full percentage point over the last two months is bringing back some sidelined buyers and attracting new ones. They’re noticing an increase in interest from clients, including requests for tours, and reporting that some homes that have been on the market for months are finally going under contract.

“Homebuyers are starting to feel more confident as mortgage rates tick down closer to 6% than 7% and the overall economy chugs along with surprising resilience, especially in the labor market. Steadily cooling inflation is likely to prevent mortgage rates from jumping back up,” said Redfin Economics Research Lead Chen Zhao. “When rates were seesawing up and down in the fall, many buyers dropped out because they could wake up the day after finding their dream home to a three-digit increase in their potential monthly payment. Now they have a better sense of how far their budget will go in which neighborhoods and which homes they can afford.”

Leading indicators of homebuying activity:

  • For the week ending January 26, 30-year mortgage rates dropped to 6.13%, hitting their lowest level since September. The daily average was 6.18% on January 25.
  • Mortgage-purchase applications during the week ending January 20 increased 3% from a week earlier and 28% from their early-November trough, seasonally adjusted. Purchase applications were down 39% from a year earlier.
  • The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other homebuying services from Redfin agents—was up 6% from a month earlier during the four weeks ending January 22. It was down 29% from a year earlier.
  • Google searches for “homes for sale” were up about 40% from their November low during the week ending January 21, but down about 21% from a year earlier.

Key housing market takeaways for 400+ U.S. metro areas:

Unless otherwise noted, this data covers the four-week period ending January 22. Redfin’s weekly housing market data goes back through 2015.

  • The median home sale price was $349,950, up 1.1% year over year, the biggest gain in over a month.
  • The median asking price of newly listed homes was $367,450, up 3.8% year over year.
  • Among the 50 most populous U.S. metros, sale prices fell in 17, with the biggest drops in San Francisco (-9.3% YoY), Oakland, CA (-6.5%), Austin (-6.3%), Detroit (-5.5%) and San Jose, CA (-5.4%). Prices increased most in West Palm Beach, FL (13.5%), Nashville (9.6%), Milwaukee (9.2%), Indianapolis (7.8%) and Montgomery County, PA (7.7%).
  • The monthly mortgage payment on the median-asking-price home was $2,323 at the current 6.13% mortgage rate. That’s down nearly $200 from the October peak. Monthly mortgage payments are up 29% from a year ago.
  • Pending home sales were down 26.2% year over year, the smallest decline in over three months.
  • Among the 50 most populous U.S. metros, pending sales fell most in Las Vegas (-63.2% YoY), Phoenix (-56%), Nashville (-52.5%), Jacksonville, FL (-52.1%) and Austin (-50.7%). Pending sales rose in one metro: Cincinnati (+11.7%).
  • New listings of homes for sale fell 18.3% year over year, the smallest decline in nearly three months.
  • Active listings (the number of homes listed for sale at any point during the period) were up 23.6% from a year earlier.
  • Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 4.4 months, up from 4 months a week earlier and 2.1 months a year earlier.
  • 33% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 29% during the prior four-week period but down from 40% a year earlier.
  • Homes that sold were on the market for a median of 47 days. That’s up from 32 days a year earlier and the record low of 18 days set in May.
  • 21% of homes sold above their final list price, down from 40% a year earlier and the lowest level since March 2020.
  • On average, 5% of homes for sale each week had a price drop, up from 2.1% a year earlier.
  • The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 97.8% from 100.1% a year earlier. That’s the lowest level since March 2020.

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-pending-home-sales-improve

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

Redfin Journalist Services:
Kenneth Applewhaite, 206-588-6863
press@redfin.com

Source: Redfin