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Spring sees lowest rate of homes sold over asking price since 2020

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Just 28% of homes are selling above asking price, the lowest share for springtime since 2020, according to Redfin.
The spring housing market of 2023 has seen the lowest rate of homes selling above their list price since 2020, with only 28% of homes selling above the asking price, a significant drop from the 50% peak in April 2022, according to a Redfin report. This decline is attributed to high mortgage rates and economic uncertainty, which have cooled buyer demand and reduced bidding wars. The median home-sale price in April 2023 was $375,000, down 3.3% from the previous year, marking the most significant annual decline since March 2012. Despite the slowdown, the market remains competitive in certain areas, with homes in cities like Rochester, NY, and Newark, NJ, still selling above list price more frequently.

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