Buyer's Market Is Emerging As Homes Sell Below List Price For First Time Since Pandemic

Homes are selling below their asking prices for the first time in late spring since the onset of the COVID-19 pandemic, signaling a potential return to a buyer’s market. According to a report issued by Redfin, during the four weeks ending June 23, the typical U.S. home sold for 0.3% less than its list price, marking a pivot from the same period in previous years when homes consistently sold at or above asking prices. Just one year ago, homes were selling for exactly their list price, while two years ago, they sold 2% above the list price.