The average sale-to-list price ratio hit 100.1% during the four weeks ending July 2, according to new data from Redfin (NASDAQ:RDFN). This marks the first time since last August that the average home was selling for more than its asking price.
Redfin also noted the median home sale price was only down by $1,000 (-0.3%) from a year ago, when prices were near record highs. This was attributed to the acute lack of homes for sale – new listings are down 25% from a year ago and the total number of homes for sale are down 12%.
The median asking price of newly listed homes was $395,725, up 1.1% from a year earlier.
But the lack of supply has not stopped demand. The seasonally adjusted Redfin Homebuyer Demand Index was down slightly from the week earlier but remained near its highest level since May 2022 during the week ending July 2. It was also up 11% from a year earlier, the sixth consecutive annual increase.
