More Signs Of A Cooldown

For sale prices are dropping and homes are staying on the market longer, according to the Redfin weekly housing report…(Redfin)

The share of homes for sale with a price drop rose for the fifteenth consecutive week to 4.9%, a level we have not seen in 2019.

Days on market increased for a median of 17 days, up from the all-time low of 15 days that had held for four weeks in late June and July.

NOTE: The median home-sale price increased 17% year over year to $362,642, a record high.

Daryl Fairweather, Redfin’s Chief Economist, said that even though the market is cooling it is still hot…

“For the first time in over a year, homebuyers don’t need to feel rushed…Although the market still feels tight and competitive, the number of homes for sale keeps creeping up as more homes are listed.”