{"id":78132,"date":"2024-06-27T05:00:54","date_gmt":"2024-06-27T12:00:54","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78132"},"modified":"2024-07-01T09:24:15","modified_gmt":"2024-07-01T16:24:15","slug":"housing-market-update-homes-selling-below-asking-price-june-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homes-selling-below-asking-price-june-2024\/","title":{"rendered":"The Typical Home Is Selling For Less Than List Price, the First Time That Has Happened in Late Spring Since Start of Pandemic"},"content":{"rendered":"

The typical U.S. home that sold during the four weeks ending June 23 sold for 0.3% less than its asking price. This marks the first time the typical home has sold under list price this time of year since the onset of the pandemic in 2020, when the housing market nearly ground to a halt. The typical home sold for exactly its list price one year ago, and roughly 2% <\/span>above<\/span><\/i> its list price two years ago. <\/span><\/p>\n

Additionally, just under one-third (32.3%) of U.S. homes sold over asking price during that period. That\u2019s the lowest share of any late springtime since 2020, when the housing market had nearly ground to a halt with the onset of the pandemic, and down from 36% a year earlier. Nearly 7% of home sellers dropped their asking price, on average, the highest level since November 2022 and up from 4.7% a year ago.\u00a0<\/span><\/p>\n

The likelihood of homes selling below asking price is rising because there\u2019s more supply than demand, at least for certain types of homes in certain parts of the country. New listings are up 8.2% year over year nationwide, while pending home sales are down 4.3%, the biggest decline in four months. Most inventory is <\/span>growing stale<\/span><\/a>; over 60% of homes are listed for at least a month without going under contract.\u00a0<\/span><\/p>\n

Buyers are shying away due to sky-high housing costs.<\/b> The median home-sale price is up 4.9% year over year to an all-time high of $397,250. While mortgage rates have come down from May\u2019s six-month high, the weekly average is still <\/span>near 7%<\/span><\/a>. The typical homebuyer\u2019s monthly payment is $2,785, just about $50 below the record high.<\/span><\/p>\n

Record-breaking <\/b>heat<\/b><\/a> is another reason some buyers have taken a backseat recently.<\/b> \u201cI\u2019ve heard some clients say, \u2018it\u2019s so hot outside I don\u2019t want to see anything,\u2019\u201d said Joe Hunt<\/a>, a Redfin manager in Phoenix. \u201cBut if mortgage rates were lower, I doubt heat would be keeping buyers away.\u201d<\/span><\/p>\n

Buyers may get a slight respite soon on costs soon. <\/b>The growing likelihood that homes sell below asking price, along with the high share of sellers dropping their prices, could mean sale-price growth loses momentum. Plus, mortgage rates may decrease further if inflation <\/span>continues to cool<\/span><\/a>.\u00a0<\/span><\/p>\n

Redfin agents say both buyers and sellers should be realistic about prices in today\u2019s market. <\/b>Sellers shouldn\u2019t overprice, and buyers should know\u00a0 they may be able to negotiate\u2013but only if a home has been on the market without much activity for at least a few weeks.\u00a0<\/span><\/p>\n

\u201cSome buyers think they can get a deal because they\u2019re hearing the market is cool, and some sellers think every home will sell for top dollar no matter the condition,\u201d <\/span>said Marije Kruythoff<\/a>, a Los Angeles Redfin Premier agent. \u201cIn reality, everything depends on the house and the location. The hottest properties in this area are either move-in ready or complete fixer-uppers. The homes in between, those that are pretty nice but not updated, are sitting on the market longest. Sellers of that type of home often benefit from making\u00a0 cosmetic repairs before listing, which we offer through Redfin Concierge Service<\/a>. And buyers who do encounter middle-of-the-road listings without much wow factor should consider trying to negotiate.\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>\n7.06% (June 26)<\/span><\/td>\nUp from a 3-month low of 6.97% a week earlier, but down from a 5-month high of 7.52% 6 weeks earlier\u00a0<\/span><\/td>\nUp from 6.91%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.87% (week ending June 20)<\/span><\/td>\nLowest level since week ending April 4<\/span><\/td>\nUp from 6.67%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nIncreased 1% from a week earlier (as of week ending June 21)<\/span><\/td>\nDown 13%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 5% from a month earlier (as of week ending June 23)<\/span><\/td>\nDown 14%<\/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 27% from the start of the year (as of June 23)<\/span><\/td>\nAt this time last year, it was also up 15% 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 24)<\/span><\/td>\nDown 15%<\/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 23, 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 23, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$397,250<\/span><\/td>\n4.9%<\/span><\/td>\nAll-time high; biggest increase since March<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$414,975<\/span><\/td>\n6.1%<\/span><\/td>\nBiggest increase since October 2022<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,785 at a 6.87% mortgage rate<\/span><\/td>\n7.5%<\/span><\/td>\n$54 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n85,246<\/span><\/td>\n-4.3%<\/span><\/td>\nBiggest decline in 4 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n100,545<\/span><\/td>\n8.2%<\/span><\/td>\nBiggest increase in 2 months<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n953,300<\/span><\/td>\n16.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.3<\/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>\n41.4%<\/span><\/td>\nDown from 46%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n31<\/span><\/td>\n+4 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n32.3%<\/span><\/td>\nDown from 36%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.7%<\/span><\/td>\n+2 pts.\u00a0<\/span><\/td>\nHighest level since November 2022<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.7%<\/span><\/td>\n-0.3 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 23, 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>\nAnaheim, CA (16%)<\/span><\/p>\n

Nassau County, NY (14.4%)<\/span><\/p>\n

New Brunswick, NJ (13.8%)<\/span><\/p>\n

Newark, NJ (13.6%)<\/span><\/p>\n

West Palm Beach, FL (12.7%)<\/span><\/th>\n

San Antonio (-2.5%)<\/span><\/p>\n

Austin, TX (-2.5%)<\/span><\/p>\n

Dallas (-0.9%)<\/span><\/p>\n

Fort Worth, TX (-0.8%)<\/span><\/th>\n

\n

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

Pending sales<\/b><\/td>\nSan Jose, CA (14.7%)<\/span><\/p>\n

Pittsburgh (5%)<\/span><\/p>\n

San Francisco (4.5%)<\/span><\/p>\n

Anaheim, CA (3.4%)<\/span><\/p>\n

Columbus, OH (2.7%)<\/span><\/td>\n

Houston (-15.1%)<\/span><\/p>\n

West Palm Beach, FL (-14.9%)<\/span><\/p>\n

Atlanta (-12.2%)<\/span><\/p>\n

San Antonio (-11.4%)<\/span><\/p>\n

Miami (-11.2%)<\/span><\/td>\n

Increased in 11 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (40.6%)<\/span><\/p>\n

Miami (22.4%)<\/span><\/p>\n

San Diego (20.8%)<\/span><\/p>\n

Anaheim, CA (19.3%)<\/span><\/p>\n

Phoenix (19.2%)<\/span><\/td>\n

Chicago (-7.6%)<\/span><\/p>\n

Atlanta (-7.5%)<\/span><\/p>\n

Detroit (-2%)<\/span><\/p>\n

Minneapolis (-0.8%)<\/span><\/p>\n

Portland, OR (-0.4%)<\/span><\/td>\n

Declined in 5 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

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The typical U.S. home that sold during the four weeks ending June 23 sold for 0.3% less than its asking price. This marks the first time the typical home has sold under list price this time of year since the onset of the pandemic in 2020, when the housing market nearly ground to a halt. […]<\/p>\n","protected":false},"author":13153,"featured_media":78146,"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-78132","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":"\nThe Typical Home Is Selling For Less Than List Price, the First Time That Has Happened in Late Spring Since Start of Pandemic<\/title>\n<meta name=\"description\" content=\"High housing costs\u2013and high temperatures\u2013are keeping prospective homebuyers on the sidelines, making it more common for homes to sell below list price. 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