Although the share of home sellers dropping their asking price each week continues to increase, so does the median home sale price, which was up 16% from a year ago. Pending sales are declining seasonally but are still up 10% from a year ago. Overall homebuying demand is still very strong. The market frenzy of 2021 has cooled somewhat, but home sellers are still very much in the driver’s seat in the housing market today.
“Demand for homes is making a comeback because even though home prices are high and competition is still steep, homebuyers don’t have many alternatives but to keep trying,” said Redfin Chief Economist Daryl Fairweather. “This continued demand for homes is enticing more homeowners to sell in order to avoid the fear of missing out on historically high prices. This enthusiasm from both buyers and sellers is translating into continued growth in pending sales compared to last year.”
Unless otherwise noted, the data in this report covers the four-week period ending August 22. Redfin’s housing market data goes back through 2012.
Refer to our metrics definition page for explanations of all the metrics used in this report.
