59.5% of U.S. Homes Sold Below Asking in August: Redfin
Redfin reports 59.5% of U.S. homes sold below their original asking price in August as new listings hit a 6-year high and buyers gain negotiating leverage, especially in Florida and Texas.
The U.S. housing market handed buyers more leverage in August, with the majority of homes trading hands for less than sellers first wanted. Three in five (59.5%) U.S. homes sold below their original asking price in August, and that share has held steady for the last year and a half, illustrating that in much of the country, buyers have power to negotiate prices down.
Supply is piling up
New listings of U.S. homes for sale rose 2.6% month over month to their highest level in over four years in August, according to a new report from Redfin. Total homes for sale increased 3.9% month over month to 1,534,918, the highest since 2020, with active listings up most in Seattle, Boston and San Jose.
The surge in fresh supply was led by San Jose (+25.5% YoY), Nashville (+15.8%) and Seattle (+13.7%). Meanwhile, demand lagged, with pending home sales nearly flat and closed sales down 0.5% month over month.
Where buyers are winning the biggest discounts
In August, the share of homes selling below original list price was highest in West Palm Beach (85%), Miami (83%), and three Texas metros: Austin (82%), San Antonio (82%) and Dallas (79%).
Years of homebuilding has left Texas flush with inventory, another factor giving power to buyers. Prices are also softening in select metros: they fell most in Austin (-6.3%), Seattle (-5.3%) and Fort Worth (-2.6%).
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Hot markets are still hot
Not everywhere is a buyer’s market. In San Francisco, just 30% of homes sold below asking price in August, the smallest share in the country, followed by Newark (33%), San Jose (38%), Oakland (41%) and Montgomery County, PA (44%).
In the Bay Area, AI-fueled wealth and demand are keeping homes competitive, especially in San Francisco.
Prices and rates keep pressure on affordability
The median U.S. sale price rose 2.2% YoY to $398,596, while the average 30-year mortgage rate climbed to 6.67%. That combo is why sellers keep cutting: the median U.S. asking price inched down 0.1% year over year, a tiny dip, but a sign that sellers may be adjusting their expectations as buyers negotiate and push back against high costs.
Options market and stocks to watch
Watch for reactions across housing-linked names as buyer power grows and inventory climbs:
RDFN: Redfin itself, now Rocket-powered, is at the center of the data story and reflects broker economics in a slower-transaction market.
RKT: Rocket Companies is directly exposed to mortgage origination volumes with rates hovering near 6.7%.
DHI and LEN: Homebuilders with heavy Texas and Florida exposure, where discounting is most aggressive, are worth watching for incentive commentary.
Z: Zillow benefits from listings activity but faces the same slower closing cadence flagged in Redfin’s report.
For more housing and macro coverage, see additional market news here.
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