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Browse the siteJuly 25 2022
Buyers can now take their time touring and considering homes before making an offer. Still, selection remains very limited despite supply being up, as few homes are being listed and even fewer are selling.
SEATTLE -- The typical home sold during the four weeks ending July 17 spent 19 days on the market, one day longer than last year. That's according to a new report from Redfin, the technology-powered real estate brokerage.
This marks the first time in two years that the median time on market has posted a year-over-year gain. Pending home sales fell more than they have since May 2020, and the total number of homes for sale posted its biggest increase since August 2019, despite fewer homes hitting the market than this time last year. Home sale prices continued to fall, down another 0.6% from the four-week period ending July 10.
"Buyers, who earlier this year had to race to beat the competition, can now take their time touring homes and perhaps even wait to see if sellers drop the price," said Redfin chief economist Daryl Fairweather. "Still, few homes are being listed, so if your dream house hits the market, you should negotiate hard, now that you have the power to. The value may fall in the near term, but if you plan to live there for five or 10 years you will almost certainly gain home equity over that horizon. Sellers, on the other hand, may want to list sooner rather than later, before prices fall more."
Unless otherwise noted, this data covers the four-week period ending July 17. Redfin's weekly housing market data goes back through 2015.
View the full report, including charts and methodology, here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.