In this first week of June, we have seen asking prices take a slight downturn as sellers become more cautious when determining their asking price. Nationally, the median asking price for homes new to the market dropped 1.5%, according to Redfin. This comes after a 4-week period in which asking prices were at an all time high in the U.S.
“Data on home-tours, offers and mortgage purchase applications suggest that homebuyers have noticed the shift in power and are no longer leaving the market in droves… Buyers coming back will provide support to the housing market, but between now and the end of year I think the power will continue to shift towards buyers, resulting in mild price declines from month to month.”Daryl Fairweather, Redfin Chief Economist
According to Showingtime, June showings were down 3% since the beginning of 2022 – perhaps due to the recent mortgage rate and home price increases. During the same period last year only 1 in 30 sellers had to lower their asking price, and today we are seeing homes with price reductions more than double with a longer time spent on market.