The U.S. real‑estate market is experiencing a resurgence
More than half (57,6%) of the properties sold in Newark, New Jersey in May closed above the original listing price, according to Redfin data.
This is the highest percentage among the fifty most populous metropolitan areas in the United States.
The data show that buyers are attracted not only to New York suburbs but also to the San Francisco Bay Area, where last month more than the listing price was achieved in 57,3% of sales.
The podium is closed by San Jose with a result of 53,2%.
Redfin emphasizes that the huge demand for real estate in these regions is driven by AI demand, which attracts skilled labor to local markets.
“In May San Jose and San Francisco led the country in home‑sales growth – both metro areas recorded double‑digit year‑over‑year gains, and prices in San Francisco are rising faster than anywhere else in the country,” the report said.
Read more about this in the article: Prices out of reach? Not for everyone. The AI industry offers huge signing bonuses.
“New York suburbs remain consistently popular because they are near one of the country’s largest employment centers, and home prices there are usually lower than on Manhattan. Additionally, strict regulations make it difficult to build new homes in New York suburbs, which may contribute to price increases,” the article added.
Source: Redfin.
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Buyers’ advantage and pressure to lower prices. “Buyers know they have the advantage, and they use it.”
The Redfin report shows that nationwide, about one quarter (25,8%) of U.S. properties sold in May closed above the listing price.
More than half (55%) of homes found buyers below the listing price.
The remaining transactions were completed at the unchanged listing price.
“Most home sellers receive less money than they wanted because of the current strong buyer market,” we read.
“In the United States there are hundreds of thousands more sellers than buyers because high mortgage rates, persistently high home prices, and widespread economic uncertainty cause many potential buyers to hold back,” the report added.
The total number of real‑estate listings reached a peak not seen since 2020, meaning many buyers can negotiate price reductions and concessions from sellers.
“Buyers know, that they have the advantage, and they use it,” said Juan Castro, a Redfin Premier agent.
“To close the deal, buyers demand coverage of closing costs, a lower mortgage rate, and lower prices. Sometimes after an inspection, when they find minor defects, they conduct aggressive negotiations before agreeing to close the transaction,” he added.
Source: Redfin.
Also read: Real‑estate market slump. Home seekers “should know this” – experts say
See also: Real estate no longer falling. In one month, 40,000 sales contracts were canceled, and homes linger on the market for 60 days.
Source: Redfin.
