FPS Real Estate Group

More than half of all homes are selling for less than their asking price, as buyers gain leverage in a weaker housing market, according to a new report.

In May, total home sales dropped 15% compared to last year, while the national median list price stayed steady at $495,000 and mortgage rates hovered near 7%, according to a new analysis by real estate analytics firm Cotality.

With fewer buyers in the market, sellers are starting to lower prices, 56% of homes sold below their asking price in May, the report revealed.

“Savvy buyers are now in a market that is primed for negotiations on price reduction, closing cost assistance, and mortgage rate buydowns,” says Cotality senior economist Daniel Boswell. “However, the tilt toward a buyers’ market is only a bright spot for those who have the means to make a move. For many, systemic hurdles such as interest rates and rising insurance costs remain a barrier to homeownership.”

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https://www.nar.realtor/sites/default/files/documents/settlement-resources-for-homebuyers-2024-07-02.pdf?fbclid=IwY2xjawEvYM5leHRuA2FlbQIxMQABHdR51g-UjCX-fzVTMZEoKiRVAMK3unwcW-sZTtE15cT4SD5JGzuTC5OgNA_aem_lbAkTm24y2LkB3P475ensA