(The Epoch Times)—The median sales price of homes in the United States hit a record high of $396,500 for the four weeks ending June 15, with buyers now in a favorable position to negotiate prices, real estate brokerage Redfin said in a June 20 statement.
“While the median sale price is at an all-time high, it’s roughly $26,000 lower than the median asking price of $422,238,” a 6 percent discount, the company said.
Homes are fetching less than the asking price since the housing market currently has more sellers than buyers, which gives buyers the ability to negotiate down prices, according to the brokerage. Total listings of homes for sale are up 14.5 percent year-over-year.
Redfin expects the mismatch between supply and demand to result in a drop in home sale prices nationwide by the end of this year. At $396,500, the median sales price is 1 percent higher on an annual basis.
Home prices are at record highs even though the spring housing market has been “fairly cool.” This is because prices are not reflecting the true imbalance between sellers and buyers in the market, the brokerage said.
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Author: The Epoch Times
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