Hawaii News Now asked me to get some custom statistics for their 10 pm top story about the latest Fed rate hike.
I was able to pull together some interesting stats that show a huge drop in the sold over asking by month and a huge increase by month in sellers dropping their price.
The share of homes listed for 30 days or longer increased 12.5 percent in July compared to a year earlier, with 61.2 percent of homes now sitting on the market for a month or longer, according to a report released Tuesday by Redfin.
The annual increase in stale listings is the biggest since April 2020, when the housing market temporarily ground to a halt at the onset of the coronavirus pandemic. It’s also one of the largest year-over-year decreases since Redfin started tracking the data point in 2012, according to the report.
This is an interesting chart that shows even the COVID downturn was not too bad, and right after that, the market increased dramatically. You can see we have not had any serious downturns since the 2008 crash.