A recently released report from OJO Labs, a Texas-based real estate technology and guidance company, reveals that 40.9% of homes in October sold for more than the list price — a portion that has been steadily declining for the past four months.
The percentage holds true on a local scale as well. In the top 80 metro areas that experienced a minimum of 1,000 homes sold in October, 70 areas saw declines with only 10 seeing a rise in homes selling above listing price.
The percentage of homes selling above list price sat at 42.8% in September, so the decrease, while minor, showed a steady four-month trend of month-over-month decreases. On an annual basis, the percentage of homes selling above list price was at 30.4% in October 2020, so while the housing market is generally more competitive than it was at this time last year, the year-over-year delta is beginning to contract.
The average home was sold for $1,780 over asking price in October 2021, down from $3,533 in September. In October 2020, homes were selling at an average of $4,493 below list price.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Competition for homes declines for a fourth consecutive month