Sale-to-List Price Ratio for US Homes Surpasses 100% for First Time in Nearly a Year
Redfin reported Thursday (7-6-23) that according to its data, the average US sale-to-list price ratio surpassed 100% for the first time in nearly a year during four-week period ending July 2nd.
Redfin points to a lack of homes for sale as the main reason homes are selling above their asking price, with new listings down 25% from a year ago and the total number homes for sale down 12% as homeowners with relatively lower mortgage rates remain in their homes.
Even with higher prices and lower available inventory, Redfin is reporting that, although in its early stage, homebuyer demand is picking up. The company notes that requests for home tours and other buying services from its agents are up 4% from a month earlier and near their highest level in over a year.
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