SEATTLE—Homebuyers who have been willing to wait for betterdeals will be rewarded for their patience, as sellers drop listingprices to meet buyers' more value-focused expectations, accordingto the latest Housing Market Tracker from Redfin. In the report,Redfin chief economist Nela Richardson explainsthat a slowdown in home price growth and a shift in pricing powerfrom sellers to a more balanced market combined to cause thischange in housing activity as the market transitions from summer tothe fall buying season.
For the first time in five months, price growth was flat in Julyacross all 35 markets included in the report. That shift has beennearly nine months in the making from when sales began to firstdecline last November. As a result of this shift, the number ofhomes that sold above list price in July is down nearly 7% to 20.1%from 26.8% a year ago, the biggest drop of the year.
Redfin expects an unusual surge in home sales this fall and thatprices will continue to flatten and potentially decline month overmonth in September or October. If that happens, it will be thefirst three-month price decline since fall 2012.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
