{"id":78103,"date":"2024-06-20T05:00:22","date_gmt":"2024-06-20T12:00:22","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78103"},"modified":"2024-06-19T09:18:24","modified_gmt":"2024-06-19T16:18:24","slug":"housing-market-update-record-high-prices-buyers-gain-power","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/","title":{"rendered":"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common"},"content":{"rendered":"

Housing costs could come down in the coming months, as mortgage rates are coming down a bit and there are signs price growth could slow. Redfin agents report that there\u2019s room for buyers to negotiate paying under list price for homes that need a bit of work.<\/span><\/i><\/p>\n

Pending sales post their biggest decline since the beginning of March. <\/b>Pending home sales fell 3.8%, the biggest year-over-year decline in nearly four months, during the four weeks ending June 16. Buyers are shying away from earlier steps in the house-hunting process, too: <\/span>Redfin\u2019s Homebuyer Demand Index, a measure of requests for tours and other buying services from Redfin agents, declined 17% year over year to its lowest level since February.\u00a0<\/span><\/p>\n

Buyers are backing off largely because housing costs are high.<\/b> The median U.S. home-sale price is up 4.8% to an all-time high of $396,000, and the median monthly mortgage payment is $2,781, about $60 below <\/span>its<\/span><\/i> record high. The weekly average mortgage rate declined slightly to <\/span>6.95%<\/span><\/a> this week, but it\u2019s still more than double pandemic-era lows.\u00a0<\/span><\/p>\n

The irony of near-record-high housing costs<\/b>: They\u2019re causing buyers to back off, and enough have backed off to give buyers who remain more negotiating power for certain homes. The other piece of good news for buyers is that housing costs could come down soon. There are signs that price growth could lose some momentum: The share of sellers dropping their list\u00a0 price is at its highest level since November 2022, and asking-price growth has already slowed. Mortgage rates have fallen a bit since last week\u2019s <\/span>cooler-than-expected<\/span><\/a> inflation report, and they may continue declining.\u00a0<\/span><\/p>\n

New listings are still near historic lows. <\/b>Another reason for the decline in pending sales is a lack of new, desirable listings for buyers to choose from. New listings are up 7.7% year over year, but they\u2019re sitting well below typical levels for this time of year; the only time on record listings June listings have been lower was in 2023.\u00a0<\/span><\/p>\n

Many home listings are <\/b>becoming stale<\/b><\/a>, sitting on the market for 30 days or longer without going under contract; Redfin agents report that most buyers are willing to pay sky-high housing costs only for move-in ready homes in popular neighborhoods.\u00a0<\/span><\/p>\n

\u201cA few years ago, I never would have told a seller they need to freshen up their paint, fix their furnace and make sure their roof is up to date before putting their home on the market\u2013but now, I tell them to make the house as pretty as they possibly can,\u201d said <\/span>Des Bourgeois<\/span><\/a>, a Redfin Premier agent in the Detroit area. \u201cBuyers are still out there and they\u2019re willing to pay today\u2019s high prices, but only if the house is in really good shape. They don\u2019t want to spend extra money on paint or new appliances.\u201d\u00a0<\/span><\/p>\n

Homes that need work and\/or aren\u2019t in the most desirable locations can be a good opportunity for today\u2019s buyers: <\/b>They\u2019re selling under asking price in some places\u2013if they do sell. \u201cThings have reversed since the pandemic,\u201d said <\/span>Jonathan Ader<\/span><\/a>, a Redfin Premier agent in the Palm Springs, CA area. \u201cNow, most homes\u2013the exception is relatively affordable homes that are move-in ready\u2013are selling under asking price.\u201d<\/span><\/p>\n

For Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.<\/span><\/i>\u00a0<\/span><\/p>\n

Leading indicators<\/h2>\n\n\n\n\n\n\n\n\n\n\n
Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n
<\/td>\nValue (if applicable)<\/b><\/td>\nRecent change<\/b><\/td>\nYear-over-year change<\/b><\/td>\nSource<\/b><\/td>\n<\/tr>\n
Daily average 30-year fixed mortgage rate<\/b><\/td>\n7.02% (June 18)<\/span><\/td>\nDown from 7.16% a week earlier; down from a 5-month high of 7.52% 6 weeks earlier\u00a0<\/span><\/td>\nUp from 6.94%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.95% (week ending June 13)<\/span><\/td>\nDown slightly from 7.03% 2 weeks earlier; down from a 5-month high of 7.22% about a month earlier<\/span><\/td>\nUp from 6.69%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nIncreased 2% from a week earlier (as of week ending June 14)<\/span><\/td>\nDown 12%<\/span><\/td>\nReport about Mortgage Bankers Association data<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 5% from a month earlier to its lowest level since February (as of week ending June 16)<\/span><\/td>\nDown 17%<\/span><\/td>\nRedfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 19% from the start of the year (as of June 17)<\/span><\/td>\nAt this time last year, it was also up 19% from the start of 2023<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company\u00a0<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nUnchanged from a month earlier (as of June 17)<\/span><\/td>\nDown 21%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending June 16, 2024<\/b><\/p>\n

Redfin\u2019s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and\/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending June 16, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$396,000<\/span><\/td>\n4.8%<\/span><\/td>\nAll-time high; biggest increase since March<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$411,749<\/span><\/td>\n5.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,781 at a 6.95% mortgage rate<\/span><\/td>\n7.8%<\/span><\/td>\n$58 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n86,225<\/span><\/td>\n-3.8%<\/span><\/td>\nBiggest decline in nearly 4 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n98,527<\/span><\/td>\n7.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n942,916<\/span><\/td>\n16.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.2<\/span><\/td>\n+0.6 pts.\u00a0<\/span><\/td>\n4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0<\/span><\/td>\n<\/tr>\n
Share of homes off market in two weeks\u00a0<\/b><\/td>\n42.1%<\/span><\/td>\nDown from 47%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n31<\/span><\/td>\n+3 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n32.2%<\/span><\/td>\nDown from 36%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.6%<\/span><\/td>\n+2.1 pts.\u00a0<\/span><\/td>\nHighest level since Nov. 2022<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.7%<\/span><\/td>\n-0.2 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending June 16, 2024<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\u00a0<\/span><\/i><\/p>\n<\/th>\n<\/tr>\n

<\/th>\nMetros with biggest year-over-year increases<\/b><\/th>\nMetros with biggest year-over-year decreases<\/b><\/th>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nNewark, NJ (16.4%)<\/span><\/p>\n

Anaheim, CA (16%)<\/span><\/p>\n

Nassau County, NY (14.7%)<\/span><\/p>\n

New Brunswick, NJ (14.1%)<\/span><\/p>\n

Milwaukee (10.7%)<\/span><\/th>\n

Austin, TX (-3.7%)<\/span><\/p>\n

San Antonio (-1.5%)<\/span><\/p>\n

Fort Worth, TX (-1.4%)<\/span><\/p>\n

Portland, OR (-1.1%)<\/span><\/th>\n

\n

Declined in 4 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (13%)<\/span><\/p>\n

Columbus, OH (5.7%)<\/span><\/p>\n

Pittsburgh (5.4%)<\/span><\/p>\n

Anaheim, CA (4.5%)<\/span><\/p>\n

Los Angeles (4.3%)<\/span><\/td>\n

Houston (-14.5%)<\/span><\/p>\n

West Palm Beach, FL (-12.9%)<\/span><\/p>\n

Miami (-12.3%)<\/span><\/p>\n

New Brunswick, NJ (-10.8%)<\/span><\/p>\n

Atlanta (-10.7%)<\/span><\/td>\n

Increased in 14 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (44.1%)<\/span><\/p>\n

Phoenix (23.6%)<\/span><\/p>\n

San Diego (21.4%)<\/span><\/p>\n

Miami (20.5%)<\/span><\/p>\n

Seattle (17.1%)<\/span><\/td>\n

Chicago (-9.2%)<\/span><\/p>\n

Minneapolis (-6.7%)<\/span><\/p>\n

Atlanta (-5.6%)<\/span><\/p>\n

Newark, NJ (-4.1%)<\/span><\/p>\n

Portland, OR (-3.9%)<\/span><\/td>\n

Declined in 8 metros<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Refer to our <\/span>metrics definition page<\/span><\/a> for explanations of all the metrics used in this report.<\/span><\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Housing costs could come down in the coming months, as mortgage rates are coming down a bit and there are signs price growth could slow. Redfin agents report that there\u2019s room for buyers to negotiate paying under list price for homes that need a bit of work. Pending sales post their biggest decline since the […]<\/p>\n","protected":false},"author":13153,"featured_media":78117,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[623,655,654],"coauthors":[124],"class_list":["post-78103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-national","tag-weekly-market-tracker","tag-weekly-market-update"],"acf":[],"yoast_head":"\nHome Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common<\/title>\n<meta name=\"description\" content=\"Housing costs could come down in the coming months, as mortgage rates are coming down a bit and there are signs price growth could slow. Redfin agents report that there\u2019s room for buyers to negotiate paying under list price for homes that need a bit of work.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common\" \/>\n<meta property=\"og:description\" content=\"Housing costs could come down in the coming months, as mortgage rates are coming down a bit and there are signs price growth could slow. Redfin agents report that there\u2019s room for buyers to negotiate paying under list price for homes that need a bit of work.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-20T12:00:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/house-1836070_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common\",\"datePublished\":\"2024-06-20T12:00:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/\"},\"wordCount\":1046,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/house-1836070_1280.jpg\",\"keywords\":[\"national\",\"weekly market tracker\",\"weekly market update\"],\"articleSection\":[\"Housing Market News\",\"Weekly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/\",\"name\":\"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/house-1836070_1280.jpg\",\"datePublished\":\"2024-06-20T12:00:22+00:00\",\"description\":\"Housing costs could come down in the coming months, as mortgage rates are coming down a bit and there are signs price growth could slow. Redfin agents report that there\u2019s room for buyers to negotiate paying under list price for homes that need a bit of work.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/house-1836070_1280.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/house-1836070_1280.jpg\",\"width\":1280,\"height\":853},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-prices-buyers-gain-power\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"name\":\"Redfin Real Estate News\",\"description\":\"The latest real estate news and research from technology-powered residential real estate company, Redfin.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"width\":1100,\"height\":235,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\",\"name\":\"Dana Anderson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg\",\"caption\":\"Dana Anderson\"},\"description\":\"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/dana-andersonredfin-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common","description":"Housing costs could come down in the coming months, as mortgage rates are coming down a bit and there are signs price growth could slow. Redfin agents report that there\u2019s room for buyers to negotiate paying under list price for homes that need a bit of work.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/","og_locale":"en_US","og_type":"article","og_title":"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common","og_description":"Housing costs could come down in the coming months, as mortgage rates are coming down a bit and there are signs price growth could slow. Redfin agents report that there\u2019s room for buyers to negotiate paying under list price for homes that need a bit of work.","og_url":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2024-06-20T12:00:22+00:00","og_image":[{"width":1280,"height":853,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/house-1836070_1280.jpg","type":"image\/jpeg"}],"author":"Dana Anderson","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Dana Anderson","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/"},"author":{"name":"Dana Anderson","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/309385292bf91585d2e0a130b0a2566b"},"headline":"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common","datePublished":"2024-06-20T12:00:22+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/"},"wordCount":1046,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/house-1836070_1280.jpg","keywords":["national","weekly market tracker","weekly market update"],"articleSection":["Housing Market News","Weekly Market Update"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/","url":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/","name":"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/house-1836070_1280.jpg","datePublished":"2024-06-20T12:00:22+00:00","description":"Housing costs could come down in the coming months, as mortgage rates are coming down a bit and there are signs price growth could slow. Redfin agents report that there\u2019s room for buyers to negotiate paying under list price for homes that need a bit of work.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/house-1836070_1280.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/house-1836070_1280.jpg","width":1280,"height":853},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-prices-buyers-gain-power\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"Home Prices Hit New High, But Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/news\/#website","url":"https:\/\/www.redfin.com\/news\/","name":"Redfin Real Estate News","description":"The latest real estate news and research from technology-powered residential real estate company, Redfin.","publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/news\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","width":1100,"height":235,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/309385292bf91585d2e0a130b0a2566b","name":"Dana Anderson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","caption":"Dana Anderson"},"description":"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.","url":"https:\/\/www.redfin.com\/news\/author\/dana-andersonredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=78103"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/78117"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=78103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=78103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=78103"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=78103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}