According to Redfin's report, the latest data indicates a climb in active listings by 12% year over year, with a total of 954,703 listings, making it the smallest increase registered since March. Despite the increase, total pending home sales saw a reduction, marking a year-over-year change of -3.4%, a decline not observed for the past three months. This indicates a possible shift in market conditions.
The median sales price nationwide reached $383,725, reflecting a 6% increase annually. Notably, Philadelphia saw the highest boost in median sales price with an increase of 17.1%. Conversely, significant year-over-year sales price declines were noted in metros like San Antonio and Orlando, indicating regional disparities in market performance.
Days on the market have extended by six days to an average of 45 days. This lengthening suggests a less competitive market climate, which is complemented by an existing months of supply sitting at a balanced four months, well within Redfin’s definition of a balanced market.
In terms of pending sales, there were increases in 12 metro areas, with Detroit leading at an impressive 7.8% uptick. Meanwhile, while Milwaukee and Cleveland followed closely, metros like San Antonio saw significant decreases in sales prices, illustrating the variances within the housing market.
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