Homes Are Taking Longer to Sell Just as Availability Improves and Prices Begin to Soften

Redfin, the Seattle-based, technology-powered real estate company, is reporting that in the 4-week period ending on July 17, 2022, the typical home spent 19 days on the market. This is just one day longer than during the same period one year ago.

Redfin notes that this is first time in two years that the median time on the market has posted a year-over-year gain. Pending home sales fell more than they have since May 2020, and the total number of homes for sale posted its biggest increase since August 2019, despite fewer homes hitting the market than this time last year.

Home sale prices continued to fall, down another 0.6% from the four-week period ending July 10.

Redfin’s Chief Economist Dr. Daryl Fairweather added her analysis of the data saying, “Buyers, who earlier this year had to race to beat the competition, can now take their time touring homes and perhaps even wait to see if sellers drop the price.”