More Options Are Opening Up for Buyers
If you’ve thought about buying a home in the past few years, you may have run into two frustrations: asking prices that kept climbing and too few homes to choose from.
In many places, both sticking points are letting up this summer, with lower asking prices and more homes for sale. Let’s look at the trends, and what they mean for your search.
According to Realtor.com, the national median asking price was $430,000 in June, nearly $11,000 under what it was the year before (see graph below):
That’s the eighth month in a row that the typical asking price has dipped below where they were the previous year, according to the same Realtor.com report.
And while falling prices can sound worrying, this isn’t a sign of an impending crash. We’re talking about asking prices, not sold prices. This is a sign that today’s sellers are meeting the market where it is and pricing to draw buyers. And that’s actually something normal we’d expect from the market. As Danielle Hale, Chief Economist at Realtor.com, puts it:
“Sellers are reading market conditions and are pricing accordingly from the start rather than listing high and cutting later, and buyers are taking note and making bids. This is a welcome sign that we are in a functioning market.”
Stay up to date on the latest real estate trends.
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