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Housing Prices Dropping
We finally have some good news to report for buyers! Nationally, nearly one out of five home sellers have dropped their listing price for the four weeks ending May 22nd. According to Redfin, this is the highest number of price drops since 2019. This is good news for buyers because sellers are having a harder time pushing up home values, which is evidenced by the increase in price drops.
Locally we're starting to see this in the higher price points, especially above $650,000. Before buyers get too excited though, it's important to note that 40% of homes nationally had a contract within one week and 55% within two weeks of all homes that sold. Homes also had a median national average of 15 days on market, which is down from 19 days a year earlier. This is still a huge imbalance in supply as a normal market consists of four to six months worth of supply.
A record 57% of homes sold above list price which is up from 50% a year ago. The average list of sales ratio was a record high of 102.8%, which is up from 101.6% last year. That's an average of $11,200 above list price on a $400,000 home.
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