“Wild” shift to buyer’s housing market seen in July

The typical home in a bidding war received 3.5 offers last month, down from 4.1 the previous month and 5.3 in July 2021.

“There’s not the same sense of urgency,” Malin said. “House hunters are scheduling tours four days in advance instead of one, and they’re becoming much more selective. If a home doesn’t check all of their boxes, they’re waiting until they find one that does. Six months ago, buyers were taking any house they could get.”

Properties are staying on the market longer as the supply of homes for sale increases, creating more options for buyers. As a result, some sellers are lowering their asking prices, with nearly 8% of listings experiencing a price cut each week – the highest percentage on Redfin’s record.

“Buyers have also started writing offers for less than sellers’ list prices—a reversal from the height of the pandemic, when homes were going for tens of thousands of dollars over asking,” Malin said. “I haven’t written an over-asking offer in a month.”