SEATTLE
,
June 10, 2022
(press release)
–
The share of listings with a price reduction is approaching a record high The number of homes for sale fell 8% during the four weeks ending June 5, the smallest year-over-year decline since January 2020, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This was more a reflection of declining homebuyer demand than of more homes being listed for sale. Tours, offers and other requests for help with homebuying, as measured by the Redfin Homebuyer Demand Index, fell 12% last week, and new listings fell 2% during the four-week period, while 21% of sellers dropped their list price, the second-highest share on record, going back through 2015. “Sellers are losing control of the housing market as homes that are overpriced and/or less desirable are increasingly having price reductions and taking longer to sell,” said Redfin deputy chief economist Taylor Marr. “Although demand is easing, some homebuyers may jump back into the market when price growth loses steam and interest rates continue to stabilize. A strong labor market will continue to be a driving force for the bulk homebuying demand this year.“ Leading indicators of homebuying activity: Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending June 5. Redfin’s weekly housing market data goes back through 2015. To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-on-market-listings-accumulate/ About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. 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. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people. 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 Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here. Redfin Journalist Services: Source: Redfin Released June 9, 2022
View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005893/en/
Kenneth Applewhaite, 206-588-6863
press@redfin.com
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