The average home listing is now selling for 1.8% its asking price, the biggest discount in nearly two years, according to a new data report from Redfin (NASDAQ: RDFN).
Adding insult to injury, the typical home that sells takes 56 days to go under contract, the longest span in nearly five years, while more than half of listings (56%) sit on the market for at least 60 days without going under contract.
Redfin attributed the discounting and delay in selling to the expensive nature of the housing market. As a result, Redfin added, buyers have an opportunity to negotiate on price and terms for certain homes.
The metros where 60% and more of listings are sitting on the market for at least two months without going under contract: Miami (63%), Pittsburgh (63%), San Antonio (62%), Fort Lauderdale (61%) and West Palm Beach (60%).
