Le Lézard
Classified in: Science and technology
Subjects: Survey, Economic News/Analysis

Redfin Reports the Average U.S. Home Is Selling Above Its Asking Price for the First Time in Nearly a Year

(NASDAQ: RDFN) ? The average sale-to-list price ratio hit 100.1% during the four weeks ending July 2, marking the first time in nearly a year the average U.S. home is selling for more than its asking price. That's according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Additionally, the median home-sale price was down just $1,000 (-0.3%) from a year ago, when prices were near record highs.

A lack of homes for sale is the main reason homes are selling above their asking price, with new listings down 25% from a year ago and the total number of homes for sale down 12% as homeowners hang onto relatively low mortgage rates. Despite the double dilemma of low inventory and high prices, early-stage homebuyer demand is picking up. Redfin's Homebuyer Demand Index?a measure of requests for home tours and other buying services from Redfin agents?is up 4% from a month earlier and near its highest level in over a 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 July 2. Redfin's weekly housing market data goes back through 2015. For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

To view the full report, including charts, please visit:

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, 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 in certain markets can 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. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 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 [email protected]. To view Redfin's press center, click here.

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