A Third of Homes Sold for the List Price or More in August 2016
A greater share of homes are selling at or above their listing price as healthy housing demand continues to meet a tight inventory of homes for sale. Figure 1 shows the share of homes nationally that sold at a price above, equal to or below the list price. 1 The share of homes selling at or above list price has recovered to early 2006 levels. In August 2016 that share was more than one-third of total sales (33.7 percent), up from 31.2 percent in August 2015 and twice the level at the January 2008 trough (14.4 percent).
Housing markets are different across the nation. Therefore, sales and listing patterns also vary geographically. Figure 2 shows the share of homes that sold at, above, or below their list prices in 16 CBSAs during August 2016. San Francisco had the largest share of homes – 70 percent – that sold for at least the list price. Seattle and Denver followed with 62 and 53 percent selling for the list price or more, respectively. Chicago had the lowest share – less than 22 percent – of homes selling at or above the list price in August 2016.
1 The U.S. statistics are based on data for 66 CBSAs. Each of these CBSAs has at least 50 percent coverage since 2000. CoreLogic MLS data coverage usually increases over time, which might also contribute to inventory increases.
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