Homebuyer competition drops to the lowest level since 2020, yet sold prices go up!
Description
Homebuyer competition drops to the lowest level since 2020. The top three areas that now have lower competition according to Redfin Data are Tampa, Riverside, and Phoenix.
The list-to-sell ratio is still high in many areas, over 100% although we have seen price cuts all throughout the housing market across the United States. Let's see what the numbers say for each of these areas.
Articles I talked about and used
Redfin Data on the home competition in the United States. Homebuyer Competition Drops to Lowest Level in Over Two Years.
https://www.redfin.com/news/real-estate-bidding-wars-june-2022/
List/Sell Ratio and what does it mean
https://www.beverly-hanks.com/blog/what-is-a-list-to-sell-ratio-and-what-does-it-tell-a-homebuyer-or-seller/
List/Sell Ratio stats over the years
https://www.statista.com/statistics/1242369/home-sale-to-list-price-ratio-usa/
The Median Sale Price is up again
https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june
The Median Home Price for existing homes sold is up.
https://www.cnbc.com/2022/07/20/june-home-sales-fall-5point4percent-from-may-as-prices-set-yet-another-record.html
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