IE Business Daily Business news for the Inland Empire.
The average U.S. home is selling for approximately $383,000, only $4,000 less than the all-time record price set exactly one year ago, according to Redfin.
That’s the smallest year-over-year drop in four months, and only the second time since August that the nationwide sale-to-list price ratio has hit 100 percent, the Seattle-based residential real estate firm reported recently.
That means the typical U.S. home is selling for its asking price.
“The market isn’t nearly as fast as it was 18 months ago, when homes were flying off the market for well over asking price, and it’s not as slow as it was six or seven months ago when mortgage rates first shot up,” said Andrea Chopp, Redfin spokeswoman, in the statement.
“Buyers should keep in mind that desirable homes are getting multiple offers and selling above asking price, and sellers should know that their home may not attract as much competition as their neighbor’s home did two years ago.”
The median home price for the four-week period that ended June 25 was $382,628, down nearly one percent from one year earlier.
New listings declined nationwide year-over-year, including 37.1 percent in Riverside, Redfin reported.
