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Homes sold below asking in 38 of 50 largest U.S. markets
Redfin data shows the steepest average discounts in Miami and West Palm Beach, Florida, where homes sold nearly 5% below asking in June.
Homes sold for less than their asking price in 38 of the 50 largest U.S. housing markets, according to the latest monthly Redfin data cited by CNBC Markets. The month covered is June, the latest period with metro-level sale-to-list figures available.
The biggest average discounts were concentrated in Florida and Texas. In Miami and West Palm Beach, Florida, homes sold for nearly 5% less than asking on average, while buyers across much of the South typically paid 2% to 3% below asking in June.
By contrast, home sellers in San Francisco, New York and Boston are getting slightly more than they ask for, on average, the analysis showed. Nationally, only about 25% of homes are selling above their asking price, down from roughly 55% at the pandemic-era peak in 2022, based on Redfin data.
CNBC Markets attributes the shift largely to higher borrowing costs, which have reduced what buyers can afford. Redfin chief economist Daryl Fairweather said buyers notice mortgage rate increases immediately, while it can take time for sellers to lower prices, and she also pointed to rising insurance premiums and property taxes in some of the markets seeing larger discounts.