Homes are selling above asking price for first time in nearly a year MABA MassachusettsRealEsate FirstTimeHomeBuyers MaBuyerAgent

For the first time in almost twelve months, the average U.S. home is selling above its asking price, as the average sale-to-list price ratio hit one hundred point one percent for the four weeks ended July 2, according to a new Redfin report. The report also found the median home-sale price during that period was down only $1,000 (negative point three percent) from last year’s record high prices, as low inventory and steady demand are keeping prices aloft. New listings were down twenty five percent from last year, and the total number of homes for sale were down nearly twelve percent, as homeowners continued to stay put and hold on to their low mortgage rates.

That decline in inventory was the biggest since April 2022 and was essentially flat from June, contravening the typical monthly increases of this time of year. Homebuyer demand is picking up, according to Redfin’s Homebuyer Index, and we’ve seen when there’s low inventory and high prices, the homebuyer market becomes quite competitive. During the four weeks ended July 2, Redfin’s Homebuyer Demand Index increased four percent from the previous month and was near its highest level in more than a year. Redfin found more Google searches for “homes for sale” during the week ended July 1, up five percent from June but down nine percent from last year.

Thirty-year mortgage rates hit seven point eight percent in the week ended June 29, down slightly from a half-year high of seven point fourteen percent in May. During that same period, the thirty year fixed mortgage rate was six point seventy one percent, up slightly from the previous week but down slightly from the eight-month high of six point seventy nine percent at the beginning of June. The average monthly mortgage payment on a median-priced home was $2,622 at six point seventy one percent, for the week ended June 29, down slightly from the record high earlier in that month but up fourteen percent from last year. Pending home sales fell fourteen point two percent from last year, continuing the double-digit declines we’ve seen for more than a year.

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