Pending home sales posted their smallest year-over-year increase (7%) since late
Key housing market takeaways for 400+
Unless otherwise noted, this data covers the four-week period ending
Data based on homes listed and/or sold during the period:
- The median home-sale price increased 19% year over year to
$364,250, a record high
- Asking prices of newly listed homes were up 12% from the same time a year ago to a median of
$357,975, down 1.2% from their all-time high posted four weeks earlier.
- Pending home sales were up 7%, the smallest year-over-year increase since the four-week period ending
June 27, 2020. They fell 12% from their 2021 peak hit during the four-week period ending May 30—a seasonal decline that's to be expected but is slightly larger than the drop in years past. By comparison, pending sales dropped 8% during the same period in 2019.
- New listings of homes for sale were flat from a year earlier. The number of homes being listed is following a largely seasonal decline—down 10% from the 2021 peak during the four-week period ending May 23—albeit slower than the 14% decline during the same period in 2019.
- Active listings (the number of homes listed for sale at any point during the period) fell 27% from the same period in 2020—the smallest decline since the four-week period ending
January 3. Active listings were up 12% from their 2021 low during the four-week period ending March 7but have remained largely flat since late June.
- 51% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 44% rate during the same period a year ago, but down 5.7 percentage points from the high point of the year, set during the four-week period ending
- 37% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier, but down 6.2 percentage points from the high point of the year, set during the four-week period ending
- Homes that sold were on the market for a median of 16 days, one day slower than the all-time low set in mid-June, and 20 days faster than a year ago.
- A record 55% of homes sold above list price, up from 29% a year earlier. This measure is plateauing, clocking in at 54-55% since the four-week period ending
- At 4.5%, the share of homes for sale with price drops inched closer to 2019 levels (4.6%), surpassing last year's rate of 3.6%.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, fell to 102.2%—slightly below the peak set in XX. In other words, the average home sold for 2.2% above its asking price. This measure was 3.3 percentage points higher than a year earlier.
Other other leading indicators of homebuying activity:
- Mortgage purchase applications during the week ending
July 23fell 2% week over week (seasonally adjusted) to their lowest level since May 2020. For the week ending July 29, 30-year mortgage rates averaged 2.80%.
January 1 to July 27, home tours were up 18%, compared to a 45% increase over the same period last year, according to home tour technology company ShowingTime.
- Google searches for "home for sale" and "real estate" have both become less common in recent weeks.
- The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—fell slightly during the week ending
July 25, and is currently up 17% from a year earlier.
It seems that some home sellers have realized the market is falling a bit out of their favor, as asking prices have been slowly sliding from their late-June high. A small but growing number of sellers are figuring that out the hard way—4.5% lowered their list price, the highest share since
"Home sellers are increasingly having to lower their expectations," said Redfin Chief Economist
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-pending-sales-smallest-increase
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we've saved customers more than
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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Redfin Journalist Services: Kenneth Applewhaite, 206-588-6863, email@example.com