A new Redfin report reveals a significant shift in the housing market: for the first time since the pandemic began, the typical US home is selling 0.3% below list price. Daryl Fairweather, Redfin's chief economist, provides insights into this trend.
Can you help us break down what you're seeing in the data here as it was really for the four weeks ending June 23rd here where this typical home was selling for less than its list price. Where should buyers expect some relief when, when you feel like and you are navigating an environment where we're looking at these all time high home prices here on average, where should buyers perhaps be able to say, ok, or at least chart their own path into entry into this market.
So I expect that if rates come down, we'll get buyers back in the market and we'll kind of be back where we are in terms of affordability.
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