Still, prices remained up 15% year over year, and the actual number of pending sales fell to the lowest level since April 2021.
“The housing market has clearly become slightly more favorable to buyers,” Redfin chief economist Daryl Fairweather said in a statement. “Houses take longer to sell, which gives buyers more time to make informed decisions about whether to bid. Home prices have leveled off, so buyers shouldn’t feel rushed to buy until prices rise further. And the fact that more and more sellers are lowering their list price is a sign that sellers need to be realistic about their price expectations. “
According to the report, the median home selling price rose 15% year-over-year to $ 359,983; and asking prices for newly listed homes rose 10% year-on-year to a median of $ 354,665, the lowest level since late April.
New listings of homes for sale were almost flat (down 0.1%) from the previous year. The number of homes listed is experiencing a typical seasonal decline, Redfin said, down 10% from the 2021 peak in the four-week period ending June 27.
Active listings fell 22% from 2020, and 48% of homes under contract had an accepted offer within the first two weeks on the market, up from 44% a year earlier. Additionally, 35 percent of homes under contract received an accepted offer within a week of going on the market, up from 32 percent a year ago.