Good news for buyers, housing prices are coming down. For the first time in nearly 15 years prices, when compared on a year to year basis, have a shown a decline. From October 2022 to October 2023, there was a drop of 3.7%
Here is another sign that buyers are gaining leverage. This graphic shows the percentage of the average closed price when compared to the asking price set by the sellers. From October 2022 to October 2023 the market saw a slight decrease in this category of .2%. However this does not count sellers who lowered their asking price before they could get their listing under contract- it only counts the final asking price.
Homes are waiting longer to find their next owner. The increase compared to last year is 46.4%, that works out to nearly two weeks longer on the market. The longer the wait the more anxious sellers can become, meaning the more willing they are to make a deal. Once again this is a great sign for buyers!
‘The one potential bad news for buyers last month is fewer homes are coming on the market. Releasing that buyers are holding more and more leverage many sellers are deciding to stay put. From October to October the number of new listings went down by 28.7%