The typical U.S. home is selling this month for roughly $383,000, according to new data from Redfin (NASDAQ:RDFN). This is roughly less than $4,000, or -1%, than the all-time high set in June 2022.
Redfin also noted the current sales price average is the smallest year-over-year drop in nearly four months and only the second time since last August the sale-to-list price ratio has hit 100% – which means the average home is now selling for its asking price.
Redfin attributed this result to the absence of inventory – new listings were down 27% from a year earlier during the four weeks ending June 25, the biggest drop since the start of the pandemic. But despite mortgage rates remaining elevated, pending home sales were only down 15% year-over-year, a lower decline than the drop in new listings and evidence of inventory being purchased at a faster rate once a property is listed. The seasonally adjusted Redfin Homebuyer Demand Index hit its second-highest level since May 2022 during the week ending June 25, up 10% from a year earlier for its fifth consecutive annual increase.
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