Redfin: Home Sales See Slow Summer Pace

(Image courtesy of ethan/pexels.com)

Redfin, Seattle, released a recent report finding that the typical home that went under contract in July was on the market for 43 days, up from 35 days a year earlier.

That’s also the slowest pace for any July going back to 2015.

In contrast, during the pandemic buying boom, houses were on the market for just 16 days (July 2021) and 22 days (July 2022).

Homes are taking longer to sell due to falling demand, Redfin noted.

Pending home sales fell 1.1% month-over-month in July to the lowest seasonally-adjusted level since November 2023. Existing-home sales, at 4,150,266, were at their lowest level in nearly a year.

“Supply is starting to fall because prospective sellers are choosing not to list after seeing their neighbor’s home linger on the market or sell for below the asking price,” said Redfin Senior Economist Asad Khan. “Some existing sellers are also pulling their homes off the market, opting instead to rent their house out or hold off on a move altogether–especially if they bought at the peak of the pandemic market and are worried about taking a loss.”

The typical home that sold in July went for 1% less than its asking price, the biggest July gap since 2020. Only 28.9% of homes went for more than their asking price.