Prices going up with demand

As the housing market continues to rebound, sellers are setting their prices high. And in response, buyers’ offers are meeting these lofty expectations. Here’s more from Redfin¹:

• Listing prices in the four-week period ending July 12 were up 13% from last year. Meanwhile, closed sale prices jumped 6%.
• Pending home sales increased 7%. However, demand continued to outpace supply, as inventory dropped 28%.
• Sale-to-list price ratios rose to an average of 98.8%. Meanwhile, the median asking price of a home for sale was $328,500.

I am here to keep you updated on the state of the market as we transition from summer into fall. Let me know if you need assistance.

¹Tim Ellis, “Home sellers’ asking prices up 13% from last year as demand keeps soaring,” Redfin, last updated July 23, 2020.