“Homes are not selling” is a narrative that seems to be a little exaggerated. Months of supply has been constant year over year and median days on market is 6 days more for SFH and 8 days for condos. The number of homes sold are also up yoy. The number of homes for sale are up 15% yoy which could explain why houses are in the market for slightly more, but I am yet to see a concrete measure that suggests homes are not selling.
The median sale price is also slightly up for SFH and slightly lower for condos/townhomes yoy. Seems to me that a lot of these articles are low information clickbait’s.
I'm in the market right now. Anecdotally, it seems like there's more inventory available today than at any time in recent memory, but attractive properties still sell fast while loser properties pile up.
I'm not quite sure what the underlying explanation is. Perhaps there's a class of sellers that bought or refinanced at low rates and high valuations and now that rates are up and valuations have slid they can't find buyers that will accept the previous high valuation.
burnt-resistor•2m ago
Anecdotally, my neighbor's house has been on the market for eight (8) months.
Another down the street has been on the market for four (4) months.
This is a brand new development in a (previously) hot area.
darth_avocado•1h ago
The median sale price is also slightly up for SFH and slightly lower for condos/townhomes yoy. Seems to me that a lot of these articles are low information clickbait’s.
(All data available on redfin: https://www.redfin.com/us-housing-market)
mbac32768•1h ago
I'm not quite sure what the underlying explanation is. Perhaps there's a class of sellers that bought or refinanced at low rates and high valuations and now that rates are up and valuations have slid they can't find buyers that will accept the previous high valuation.
burnt-resistor•2m ago
Another down the street has been on the market for four (4) months.
This is a brand new development in a (previously) hot area.