Redfin: U.S. Home Prices Hit New All-Time High

Redfin: U.S. Home Prices Hit New All-Time High

The median sale price nationwide hit $397,954 for the four weeks ending June 30th, a new all-time high according to Redfin, with a 4.9% year-over-year increase. Here are additional key findings from Redfin:

• Pending sales: Down 4.6% YOY, the largest decline in 4 months

• New listings: Up 9.9% YOY, the highest increase in 2 months

• Active listings: Up 17.5% YOY

• Housing supply: 3.3 months (balanced market is 4-5 months)

• Median days on the market: 32 days, up 5 days YOY

• Homes sold above list price: 32.3%, down 3.7% YOY

• Homes lowering asking price: 6.9%, the highest on record

Ralph’s Take

There’s a mix of good and bad news her. The record high sale price and elevated mortgage rates are challenging to buyers. However, the 10% increase in new listings and the record percentage of sellers lowering their prices present opportunities. Buyers can leverage these conditions to their advantage.