1316 ET - Slightly more than 28% of U.S. homes are selling above the asking price, down from 32% a year earlier, according to Redfin. That's the lowest level for this time of year since 2020, signalling a shift toward a buyer's market in much of the country. During this period in 2022, 53% of homes sold above list price. The share of homes selling above asking price has fallen year over year in all but five of the most populous U.S. metro areas. San Jose, Anaheim and Oakland saw the biggest declines. Prospective homebuyers are sidelined by widespread economic uncertainty and high housing costs. The median monthly housing payment is just $29 shy of its record high, with mortgage rates near 7% and sale prices up 1.6% year over year. (chris.wack@wsj.com)
(END) Dow Jones Newswires
June 12, 2025 13:16 ET (17:16 GMT)
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