Less homes selling at or over list price is declining, going back to historical norms, as outlined by CoreLogic’s Home Price Index. That may be a relief to home shoppers whose budgets have been squeezed recently as home prices soared.
Less homes selling higher than list price
The share of homes sold at or over list price dropped to 31.1% in March – about the same level as in 2000 and 2001 and a big change from last year. In the second quarter of 2018, the proportion of homes selling at or above list price peaked at in excess of 40% of total sales – nearly triple that of 2008.
“As annual home price growth started to slow in the third quarter of 2018, the share of home-buyers able to negotiate a better price began to rise,” CoreLogic researchers note.
However, there is variation geographically: 69% of homes sold for no less than the list price in San Francisco, which had the most significant share of such homes, followed by Washington, D.C., at 50% and Minneapolis at 48%, in keeping with CoreLogic.
On the flip side, Chicago and Miami had the smallest share of homes that sold at or over the list price: 21% and 14%, respectively.
“Price pressures rapidly increase as supply drops below three months,” CoreLogic says. In San Francisco, for example, the supply of homes for sale was at 2.3 months, and home-buyers there paid an average 4.6% more than asking price. However, in markets like Miami, where the supply of homes was 10.9 months, home-buyers had more negotiating power and saw average discounts of 7.8% in March.
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(all data current as of 6/24/2019)
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