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Last month, three indicators of competition in the U.S. housing market fell to their lowest September levels in six years, according to a recent Redfin study.
- Share of homes selling above list price: Additionally, the percentage of homes that sold for more than their final list price was 25.3%, which is lower than the estimated 28.5% that was reported a year before.
- Average ratio of sale price to list price: This measure dropped from 99.1% a year ago to 98.6%. Compared to last September, when it sold for 0.9% less, the average home sold for 1.4% less than its final list price.
- Share of homes selling in two weeks: Some 32.8% of homes that were under contract sold within two weeks after being listed, which is a decrease from 34.9% a year ago.
According to a fourth statistic, time on market, the housing market is expanding at the slowest rate in over ten years for this time of year. It was the slowest September pace since 2016, with the average home that went under contract in September sitting on the market for 50 days.
