The housing market’s comedown from its high-flying days early this year is deepening, with home sales in July falling for the sixth straight month
FILE - A"sold" is posted outside a single family home in a residential neighborhood, in Glenside, Pa., Wednesday, Aug. 4, 2021. Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June 2022 as higher mortgage rates and rising prices kept many home hunters on the sidelines. The National Association of Realtors said Wednesday, July 20, that existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million.
“We know that homes are taking longer to sell, sellers are having to price more carefully and are having to adjust if they’re not priced competitively,” said Danielle Hale, chief economist for Realtor.com. “So, it's moving in a buyer-friendly direction, but I'm not sure it’s quite there yet." “We started super-optimistic, we got a ton of offers over asking and then clearly a month later it was a couple of offers and much less,” said Brooks, a systems analyst. “We definitely thought if we left it on the market the offers would get lower and lower.”
In January, the median U.S. home sale price was 14.4% below the median listing price, but by May the difference increased to 19.5%, according to an analysis by Realtor.com. Even in a red-hot market, on a national basis, homes typically sell at below asking price.
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