A new data report by Redfin (NASDAQ:RDFN) tracking the four weeks ending June 30 has placed the median sales price at $397,954, an all-time high. This price is up 4.9% from one year ago, marking the largest annual increase since March.
During the same period, the median asking price was $409,975, up 6.1% from one year earlier and the biggest annual increase since October 2022. The median monthly mortgage payment was $2,749 at a 6.86% mortgage rate, up 6.5% from one year earlier and only $88 below the all-time high set during the four weeks ending April 28.
The share of homes sold above list price during this four-week period was 32.3%, down from 36% one year earlier. And the share of homes with a price drop came to 6.9%, the highest level on record.
While this occurred, pending sales totaled 87,160 during this four-week period, a 4.6% year-over-year drop and the steeped decline in four months. However, new listings totaled 100,989, up 9.9% year-over-year and the greatest increase in two months; active listings totaled 967,516, a 17.5% year-over-year spike.
The greatest year-over-year median sale price increases were recorded in Anaheim, California (14.7%), Newark, New Jersey (13.5%), Nassau County, New York (12.6%), New Brunswick, New Jersey (11.7%) and Fort Lauderdale, Florida (11.1%). The Texas capital of Austin had the steeped year-over-year decline in median sales prices with a 2.1% drop, followed by two other Lone State markets: Dallas (-1.5%) and San Antonio (-0.2%).
Less sales from cash or buyers who sold their over priced homes equals higher average. Anything about buyer demand? Total sales? Pending sales numbers? Year over year listing increases?