The pace of home sales in the United States is the slowest it has been in six years, according to Redfin.
The typical U.S. home that went under contract in March spent 47 days on the market, the longest period for any March since 2019, the real estate brokerage stated. By comparison, the typical home sold in less than half the time during the peak of the pandemic-fueled homebuying frenzy, the company added.
In March, 27% of homes sold for over their list price, the lowest figure for the month since 2020. The typical home on the market in March that sold did so for 1% less than its list price.
Homes are taking longer to sell and attracting bids from fewer would-be homebuyers because supply is climbing, demand is sluggish and some properties are overpriced, Redfin noted.
At the same time, price growth is slowing, with the median home-sale price in March at $431,057, up 2.5% from a year earlier, marking the lowest growth since September 2023.
Redfin indicated that home sales are steady but below pre-pandemic levels.
