Overall, the housing market experienced it’s typical seasonal cooling in October, but relief from homebuyers may be short-lived as pending home sales rose 3% from September.
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
Primary-Home Locks Fell 4%, 1st Drop In 2 Years
60% Of Offers Faced Competition In July, Down from 67% In June
Nearly 5% Of Listings Saw Prices Drop, Most Since 2019