Redfin

Although it won’t be a buyer’s market anytime soon, Redfin analysts expect more selection, less frenzy, and slower price growth. 

Homebuyer demand outstrips supply as mortgage rates creep up; demand has grown 15 times faster than supply since 2019.

Housing market measures continue to show a typical seasonal cooling with fewer than half of homes selling above list price and new listings of homes for sale down 20% from their 2021 peak.

Redfin reported a 9% growth in pending home sales since June 2020.

The median home sale price now stands at $361,225, a 16% increase, according to a new report. Despite this rise in home price, sellers are beginning to drop their asking price at an increased rate.

Market Conditions Still Improved Slightly For Homebuyers As Competition Eased