Although competition continues to drive up home prices, but home tours, offers and pending sales have slowed, according to a new report from Redfin.
New listings – a key lever for home sales growth – have held up better than pending sales and are inching up increasingly close to 2019 levels.
“Offers no longer pour in the day a home hits the market,” says Phoenix Redfin real estate agent John Biddle. “It has become more common for offers to come in at least a few days after a home is listed for sale. If this were three years ago, we’d marvel at how fast the market was, but it’s a clear slowdown from a few weeks ago.”
Redfin says that for the four-week period ending June 13, the median home-sale price increased 24% year over year to $358,766, a record high.
Asking prices of newly listed homes were up 14% from the same time a year ago, to a median of $363,450 – down 0.2% from $364,225 during the four-week period ending June 6.
Pending home sales were up 26% year over year. For the week ending June 13, pending sales were down 9.8% from the 2021 peak during the week ending May 2.
New listings of homes for sale were up 9% from a year earlier, have been basically flat since early May and are now 3% below pre-pandemic 2019 levels.
Active listings (the number of homes listed for sale at any point during the period) fell 35% from 2020 and have been relatively flat since late February.
Redfin also notes that a record 54% of homes sold above list price, up from 26% a year earlier.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.2%. This measure is 3.7 percentage points higher than a year earlier and an all-time high.
To access the full report, click here.