Daily News | Home buyers may finally see some relief as supply increases and price growth slows
as more aspiring homeowners get priced out of the market. Meanwhile, more sellers may feel more confident about listing their homes as the pandemic has become less of a threat, and buying a replacement home has gotten easier.
“While this real estate refresh is welcome news in a still-undersupplied market,” Hale said in a statement, “it has yet to make a dent in home price growth, partially due to increases in newly listed, larger homes and because the typical seller outlook is quite high, likely shaped by recent experiences of homeowners who sold.”
The region’s median asking price — $340,000 — stayed the same this May compared to last May. That’s an indication of the area’s relative affordability compared to other areas of the country. On average, median listing prices in large metro areas grew 13% compared to last year. Nationwide, the median asking price for active listings grew more than 17% to $447,000.
As the housing market starts to shift and buyers regain some power, Redfin is advising sellers to list their homes for sale sooner rather than later and to price their homes for less than they would have earlier this year. “During the pandemic-fueled housing frenzy, sellers could count on getting more money for their home than a neighbor who sold last month,” Daryl Fairweather, Redfin’s chief economist, said in a statement. “Those days are over. Now, you should expect to get a bit less than what your neighbor got a month ago — and in a month, you may get less than you would get now.”
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