US Homebuyers See Largest Fall Discounts Since 2019
On Monday, Redfin reported that just 25.3% of US homes sold in September went for more than their final list price, down from 28.5% a year earlier and the lowest September level in six years.
Three additional measures of housing competition also reached their weakest September readings since 2019:
- The average sale-to-list price ratio declined to 98.6% from 99.1% a year ago, meaning the typical home sold for 1.4% below its list price.
- Only 32.8% of homes went under contract within two weeks, down from 34.9% last year.
- The median time on market lengthened to 50 days—the slowest September pace since 2016.
Redfin said the housing market remains sluggish as elevated costs and economic uncertainty curb demand, while inventory has risen, leaving 36.7% more sellers than buyers. The imbalance is giving buyers more leverage to negotiate prices and concessions.
The median sale price rose 1.7% year-over-year to $435,545 in September, the largest increase in six months and the highest September level on record. Active listings edged down 0.6% month-over-month to 1.96 million on a seasonally adjusted basis but remained 8% higher than a year earlier.
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