{"id":514162,"date":"2021-07-16T13:08:13","date_gmt":"2021-07-16T17:08:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/"},"modified":"2021-07-16T13:08:13","modified_gmt":"2021-07-16T17:08:13","slug":"redfin-reports-pending-sales-dip-price-drops-becoming-more-common","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/","title":{"rendered":"Redfin Reports Pending Sales Dip, Price Drops Becoming More Common"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Over 4% of homes for sale had price drops, and pending sales are down more than 10% from their 2021 peak<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SEATTLE<\/span>, <span class=\"xn-chron\">July 16, 2021<\/span> \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014The average weekly share of homes for sale with a price drop passed 4% for the first time since September signaling a cool-down in the hyper-competitive market, according to a new <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3231025-1&amp;h=1371767541&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-price-drops-over-4pct%2F&amp;a=report\" rel=\"nofollow noopener\">report<\/a><\/u>\u00a0from Redfin (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3231025-1&amp;h=1889834761&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=redfin.com\" rel=\"nofollow noopener\">redfin.com<\/a><\/u>), the technology-powered real estate brokerage.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg\" title=\"Redfin Logo (PRNewsfoto\/Redfin)\" alt=\"Redfin Logo (PRNewsfoto\/Redfin)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Other indicators corroborate the slowdown: the share of homes sold over list price, the share of homes sold within a week and median days on market are all also either cooling off or plateauing.<\/p>\n<p>\n        <b>Key housing market takeaways for 400+ U.S. metro areas:<\/b>\n      <\/p>\n<p>Unless otherwise noted, this data covers <b>the four-week period ending <span class=\"xn-chron\">July 11<\/span><\/b>. Redfin&#8217;s housing market data goes back through 2012.<\/p>\n<p>\n        <b>Data based on homes listed and\/or sold during the period:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>The median home-sale price increased 21% year over year to <span class=\"xn-money\">$365,500<\/span>, a record high. <\/li>\n<li>Asking prices of newly listed homes were up 12% from the same time a year ago to a median of <span class=\"xn-money\">$361,700<\/span>. This is up 0.5% from the four-week period ending <span class=\"xn-chron\">July 4<\/span>, but down 0.6% from the all-time high two weeks ago. <\/li>\n<li>Pending home sales were up 11% year over year, the smallest increase since the four-week period ending <span class=\"xn-chron\">July 5, 2020<\/span>. Pending sales were down 11% from their 2021 peak during the four-week period ending <span class=\"xn-chron\">May 30<\/span>, compared to a 4% decrease over the same period in 2019. <\/li>\n<li>New listings of homes for sale were up 3% from a year earlier. The number of homes being listed is in a typical seasonal decline, down 8% from the 2021 peak during the four-week period ending <span class=\"xn-chron\">May 23<\/span>, compared to an 11% decline over the same period in 2019. <\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell <\/li>\n<li>30% from 2020\u2014the smallest decline since the four-week period ending January 31\u2014and have climbed 9% since their 2021 low during the four week period ending <span class=\"xn-chron\">March 7<\/span>. <\/li>\n<li>53% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 44% rate during the same period a year ago, but down 4.2 percentage points from the high point of the year, set during the four-week period ending <span class=\"xn-chron\">March 28<\/span>. <\/li>\n<li>38% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier, but down 5.1 percentage points from the high point of the year, set during the four-week period ending <span class=\"xn-chron\">March 28<\/span>. <\/li>\n<li>Homes that sold were on the market for a median of 15 days, an all-time low that has been flat for the last four weeks, and down from 38 days a year earlier. <\/li>\n<li>A record 55% of homes sold above list price, up from 28% a year earlier. This measure is plateauing, having been 54-55% since the four-week period ending <span class=\"xn-chron\">June 27<\/span>. <\/li>\n<li>The share of homes for sale with price drops rose to 4.1%, continuing to surpass 2020 level, and climbing closer to 2019 levels (4.7% at this time in 2019). <\/li>\n<li>The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.3%. In other words, the average home sold for 2.3% above its asking price. This measure is an all-time high and 3.5 percentage points higher than a year earlier, but growth has slowed and it may be at or near its peak for the year.<\/li>\n<\/ul>\n<p>\n        <b>Other other leading indicators of homebuying activity:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Mortgage purchase applications increased 8% week over week (seasonally adjusted) during the week ending <span class=\"xn-chron\">July 9<\/span>. For the week ending <span class=\"xn-chron\">July 15<\/span> 30-year mortgage rates fell to 2.88%, the lowest level since mid-February. <\/li>\n<li>From <span class=\"xn-chron\">January 1 to July 11<\/span>, home tours went up 23%, compared to a 50% increase over the same period last year according to home tour technology company ShowingTime. <\/li>\n<li>The seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other services from Redfin agents\u2014rose sharply during the week ending <span class=\"xn-chron\">July 11<\/span>, and is currently up 15% from a year earlier.<\/li>\n<\/ul>\n<p>Pending sales were up 11% from a year ago, but down 11% from the 2021 peak, and asking prices have been relatively flat since late May. Even amid this shift, sellers remain in the driver&#8217;s seat, as home prices continued to rise more than 20% from a year ago and the number of homes for sale sits 30% below the same time last year.<\/p>\n<p>Looking ahead, some indicators of early-stage homebuyer interest like tour activity, mortgage purchase applications and requests for service from Redfin agents have shown signs of picking back up. It&#8217;s too early to call it a trend, but Redfin will continue to track whether this continues and leads to sales and competition heating back up.<\/p>\n<p>&#8220;Asking prices are still high, but the share of listings with price drops is rising steadily and could soon reach pre-pandemic levels,&#8221; said Redfin Chief Economist <span class=\"xn-person\">Daryl Fairweather<\/span>. &#8220;That&#8217;s an early indication that we are past the peak for this intense seller&#8217;s market. Buyers may begin to regain some negotiating power on properties that have been on the market for more than a week.&#8221;<\/p>\n<p>To view the full report, including charts and methodology, please visit:<br \/><u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3231025-1&amp;h=282584588&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-price-drops-over-4pct%2F&amp;a=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-price-drops-over-4pct%2F\" rel=\"nofollow noopener\">https:\/\/www.redfin.com\/news\/housing-market-update-price-drops-over-4pct\/<\/a><\/u><\/p>\n<p>\n        <b>About Redfin<br \/><\/b>Redfin (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3231025-1&amp;h=626207349&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow noopener\">www.redfin.com<\/a><\/u>) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country&#8217;s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we&#8217;ve saved customers more than <span class=\"xn-money\">$1 billion<\/span> in commissions. We serve more than 95 markets across the U.S. and <span class=\"xn-location\">Canada<\/span> and employ over 4,100 people.<\/p>\n<p>For more information or to contact a local Redfin real estate agent, visit <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3231025-1&amp;h=626207349&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow noopener\">www.redfin.com<\/a><\/u>. To learn about housing market trends and download data, visit the <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3231025-1&amp;h=2848339997&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;a=Redfin+Data+Center\" rel=\"nofollow noopener\">Redfin Data Center<\/a><\/u>. To be added to Redfin&#8217;s press release distribution list, email <u><a target=\"_blank\" href=\"mailto:press@redfin.com\" rel=\"nofollow noopener\">press@redfin.com<\/a><\/u>. To view Redfin&#8217;s press center, <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3231025-1&amp;h=1156245034&amp;u=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;a=click+here\" rel=\"nofollow noopener\">click here<\/a><\/u>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF46279&amp;sd=2021-07-16\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common-301335734.html\">https:\/\/www.prnewswire.com\/news-releases\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common-301335734.html<\/a><\/p>\n<p>SOURCE  Redfin<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=SF46279&amp;Transmission_Id=202107161305PR_NEWS_USPR_____SF46279&amp;DateId=20210716\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over 4% of homes for sale had price drops, and pending sales are down more than 10% from their 2021 peak PR Newswire SEATTLE, July 16, 2021 \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014The average weekly share of homes for sale with a price drop passed 4% for the first time since September signaling a cool-down in the hyper-competitive market, according to a new report\u00a0from Redfin (redfin.com), the technology-powered real estate brokerage. Other indicators corroborate the slowdown: the share of homes sold over list price, the share of homes sold within a week and median days on market are all also either cooling off or plateauing. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports Pending Sales Dip, Price Drops Becoming More Common&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-514162","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports Pending Sales Dip, Price Drops Becoming More Common - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Pending Sales Dip, Price Drops Becoming More Common - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Over 4% of homes for sale had price drops, and pending sales are down more than 10% from their 2021 peak PR Newswire SEATTLE, July 16, 2021 \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014The average weekly share of homes for sale with a price drop passed 4% for the first time since September signaling a cool-down in the hyper-competitive market, according to a new report\u00a0from Redfin (redfin.com), the technology-powered real estate brokerage. Other indicators corroborate the slowdown: the share of homes sold over list price, the share of homes sold within a week and median days on market are all also either cooling off or plateauing. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Reports Pending Sales Dip, Price Drops Becoming More Common - Market Newsdesk","og_description":"Over 4% of homes for sale had price drops, and pending sales are down more than 10% from their 2021 peak PR Newswire SEATTLE, July 16, 2021 \/PRNewswire\/ &#8212; (NASDAQ: RDFN) \u2014The average weekly share of homes for sale with a price drop passed 4% for the first time since September signaling a cool-down in the hyper-competitive market, according to a new report\u00a0from Redfin (redfin.com), the technology-powered real estate brokerage. Other indicators corroborate the slowdown: the share of homes sold over list price, the share of homes sold within a week and median days on market are all also either cooling off or plateauing. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the &hellip; Continue reading \"Redfin Reports Pending Sales Dip, Price Drops Becoming More Common\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/","og_site_name":"Market Newsdesk","article_published_time":"2021-07-16T17:08:13+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Redfin Reports Pending Sales Dip, Price Drops Becoming More Common","datePublished":"2021-07-16T17:08:13+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/"},"wordCount":1017,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-pending-sales-dip-price-drops-becoming-more-common\/","name":"Redfin Reports Pending Sales Dip, Price Drops Becoming More Common - 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