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What you need to know
- Redfin’s data indicates that while home listings have increased, these properties also sit on the market for longer.
- Share of houses sold in two weeks or less and homes that sold over the price list were both down. The median days that a home was listed on the market increased to 47 in December.
- As the median sales price has increased the most since the fall of 2022, high prices may discourage would-be purchasers.
The new data indicates that there are many choices for homebuyers, however the prices can be a deterrent to some.
Redfin’s report on real estate showed that, in December 2013, the number houses for sale had increased by 9,7% compared to one year ago. The increase was boosted by an 8.7% rise in new listings. It follows a month in November when the number of active listings was at its highest in over four years.
The data isn’t always good for the housing market, which has been struggling to offer enough choices to potential buyers. Redfin data reporter Lily Katz wrote that many of these homes are overpriced and these listings have been left to stagnate.
“I explain to sellers that their house will sit on the market if it’s not fairly priced,” Meme loggins, an agent with Redfin Premier in Portland, Ore., said. “Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.”
Home Prices Increased, but Homes Stayed Unoccupied Longer
The December figures showed that the number of homes selling in less than two weeks at a price above the listing was down compared with the previous year. However, the median time a home spent on the market increased by six days to 47.
This could be due to buyers weighing up higher prices. Redfin’s data revealed that the median price of a home sold in December increased 6.4% over last year to $383.750. This was the largest increase since autumn 2022.
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