The average American home is now selling below its asking price for the first time since March 2021, according to data from online brokerage Redfin.
According to Redfin, the average sale-to-list price ratio fell to 99.8 percent in the four-week period ended Aug. 28—the first time it was below 100 percent in almost 18 months.
The number of listings showing a price drop remained the same from the prior four-week period at 7.5 percent.
The median home sale price was $370,000, up 6 percent year over year, according to the report.
Redfin said that some home prices have fallen 6 percent from the record high of $393,725 that hit during the four-week period ending June 19….