Home Listings Are Up, But Price Tags Could Turn Off Buyers | Global News Avenue

Homebuyers have plenty of choice, but the price tag is putting some off, new data shows.

A report from real estate data company Redfin showed that the number of homes listed for sale in December increased by 9.7% compared with the same period last year, with the number of new listings increasing by 7.7%. The move comes after active listings reached their highest level in four years in November.

But the data isn’t necessarily good news for a housing market that has struggled to make enough money. Options available to buyers. many of them House price is too highLeaving these less-than-ideal listings in the lurch, Redfin data reporter Lily Katz writes.

Meme Loggins, a real estate agent with Redfin Premier in Portland, Ore., said: “I explain to sellers that if they don’t price their home reasonably, their house will stay on the market. Price it reasonably and it’s in good condition. Homes are disappearing from the market within three to five days, but overpriced homes can last for more than three months. ”

As prices rise, homes last longer

December data shows the proportion of homes sold within two weeks and above list price fell compared with last year, while the median number of days a home was on the market increased by six days to 47.

This could be because buyers are weighing the higher price. Redfin data shows that the median sales price rose 6.4% year-over-year to $383,750 in December. This is the largest increase since fall 2022.