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Homes sold below their list price at the peak of the housing season, Redfin reports, a development that could shift the real estate market to the buyer’s advantage.
The typical home that sold during a four-week span in May and June went for 0.3% less than its asking price, according to the real estate brokerage Redfin.
That data point matters, housing experts say, because the market hits its annual peak in late spring and early summer. In the last few years, the average home sold at or above list price at that time of year. This year, it did not.
“It means that the housing market is starting to move to the buyer’s favor,” said Daryl Fairweather, chief economist at Redfin.