During the four week period ending on September 23, 22.9 percent of homes sold for more than their asking price, down 2.6 percentage points from the same period last year, Redfin reports.
This is the lowest share of homes selling above asking price since 2016, indicating that competition for homes is finally slowing down. In competitive markets the decrease has been even more extreme: In Seattle, for example, 30.3 percent of homes sold above list prices in the same time period, down from 50.6 percent last year.
“With home price growth slowing to 4.7 percent in August, and a record-high share of sellers dropping their prices, the fact that fewer homes are selling above their asking price is another indication that competition is getting less intense than it has been in recent years,” said Redfin senior economist Taylor Marr. “Inventory pressures are easing in the hottest markets, which is welcome news for homebuyers who are increasingly able to submit an offer without competition and get bids accepted without offering above list price.”