More listing prices reduced, time on market rises

More listing prices reduced, time on market rises

(photo by Curtis Adams from Pexels.)

A little normalcy continues to return to the housing market, with the average home taking longer to sell while a larger percentage of listing prices are being reduced.

There haven’t been drastic shifts, just trends that match the economy and interest rates, said Lanie Bittner, president of the Greater Rochester Association of Realtors.

The median time on the market rose to 25 days in August, up two days from July and up four days in a year-over-year comparison, according to the Monthly Housing Trends Report. In July, the median number of days on the market was 23, and it was just 12 in May.

The number of houses that saw a reduction in listing price also remained in double-digits for the third consecutive month: 12.2 for August, 11.6 for July and 12.3 for June. By comparison, just 5.7 saw a reduction in March when the traditional buying season was ramping up.

But as mortgage rates rise — they’ve doubled since the start of the year, climbing past 6 percent — more would-be buyers are putting their plans on pause.

The median listing price in August was $223,000, up 6 percent year-over-year.

“For sure it was a crazy sellers’ market but we’re seeing a little bit of a shift and a market adjustment,” Bittner said. “With mortgage rates going up, there has been a shift in buyer mentality and some buyers are pulling back for now.”

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