New listings are also down, with some potential sellers staying put as price growth slows SEATTLE–(BUSINESS WIRE)–(BUSINESS WIRE)– (NASDAQ: RDFN) – Home sales fell 19.3% in July from a year earlier to their lowest level since the start of the pandemic when the housing market came to a near standstill, according to a new data. A report from technology-driven real estate brokerage firm Redfin (redfin.com). It was the largest annual drop in U.S. home sales in more than a year, reflecting the cooling effect of mortgage rates above 5.4% and economic uncertainty across the country. Home sales fell 4.1% month-over-month, the sixth straight month of declines. Some potential homebuyers were left out because they were overpriced; others were wary of a possible near-term drop in home values. House prices grew at the slowest pace since June 2020, up 7.7%. After two years of double-digit growth, price growth fell to single digits, reflecting months of slumping homebuyer demand, with homes staying on the market longer than before and less competition. Sellers have also held back, with many reluctant to sell for less than they were at the height of the pandemic’s home buying spree. Also, many homeowners are staying put because their mortgage rates are lower compared to today’s rates. New listings fell 13.5% year over year, the biggest drop in more than a year. Many sellers who did list their homes had to accept less. Twenty-one percent of sellers lowered their asking prices in July, the highest share since at least 2012, when Redfin began tracking this data. “Buyers who are still in the game are finally getting out of the bidding war, which means that They can be picky.” “Three months ago, buyers said, ‘Buy me a building with four walls and I’ll make it work.’ Now they have some options. If it’s not on their wish list Fenced yard or guest room, they don’t want the house, they want a $20,000 price drop if the home is on the market for more than a week. I tell buyers they’re unlikely to see their property value drop over time, but they probably won’t Rapid appreciation as homeowners have become accustomed to over the past few years.”
| Market Summary | July 2022 | Year after year One year | ||||||||||
| Median selling price | $ | 412,700 | -3.3 | % | 7.7 | % | ||||||
| 501,100 | -4.1 | % | -19.3 | % | ||||||||
| 626,900 | -0.3 | % | -13.5 | |||||||||
| 1,513,900 | 1.6 | % | 3.9 | % | ||||||||
| twenty one | 3 | 6 | ||||||||||
| Supply Months | 0.4 | 0.7 | ||||||||||
| SOLD LIST | % | -8.0 pp |
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-8.2 pages | † | |||||||
| Median OTC Redfin Estimates | $ | 0.0 | % | 19.6 | % | |||||||
| 101.0 | % | -1.2 pages | † | |||||||||
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To view the full report, including charts and metro-level data, visit: https://www.redfin.com/news/home -sales-drop-july-2022 About Redfin
Ally Braun, 206-588-6863
[email protected] Source: RedfinPublished August 22, 2022
