Chat
Chat with Sales Hours: Monday-Friday 8:30 a.m. - 4:30 p.m. (CST)
Contact Sales
Call Sales Toll-Free 1-(866) 774-3282 Hours: Monday-Friday 7 a.m. - 5 p.m. (CST)
Product Login
Product Log-in
Product Support
Product Support
Email Sales
Contact Sales
After Hours
  • Support
  • Sign In Sign In
  • AUS NZ UK
CoreLogic - Home
  • Solutions
    view solutions by:

    Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence

    Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker

    Mortgage

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax

    Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather Verification
    • Claims Automation
    • Restoration
    • INTRCONNECT

    Mortgage Lenders

    • Origination

    Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring

    Mortgage Appraisers

    • Appraisal

    Real Estate Agents & Brokers

    • Agents & Brokers

    Real Estate MLS

    • Multiple Listing Enterprises

    Commercial Real Estate Owners

    • Commercial Property Tax

    Marketing Departments

    • Property Data

    Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification

    Construction Contractors

    • Restoration Contractors

    General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
  • Resources

    Reports

    • Climate Change
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index

    Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles

    More Resources

    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes
  • Company
    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Search
CoreLogic - Home
  • Solutions
  • Resources
  • Company

    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Accounts

    • Products Sign-in
  • Contact

    • Sales Contact
    • Product Support
  • Regions

    • Australia
    • New Zealand
    • United Kingdom
  • Social

    • Facebook
    • Instagram
    • Linkedin
    • Twitter
    • Youtube
Solutions
VIEW BY:
  • Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence
  • Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker
  • Mortgage

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax
  • Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather Verification
    • Claims Automation
    • Restoration
    • INTRCONNECT
  • Mortgage Lenders

    • Origination
  • Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring
  • Mortgage Appraisers

    • Appraisal
  • Real Estate Agents & Brokers

    • Agents & Brokers
  • Real Estate MLS

    • Multiple Listing Enterprises
  • Commercial Real Estate Owners

    • Commercial Property Tax
  • Marketing Departments

    • Property Data
  • Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification
  • Construction Contractors

    • Restoration Contractors
  • General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
Resources
  • Reports

    • Climate Change
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index
  • Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles
  • More Resources

    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes

Home / Intelligence / More Than Half of Homes Are Selling at or Above List Price

ABOUT THE AUTHOR
Shu Chen
Shu Chen
Senior Professional, Statistical Analysis, Office of the Chief Economist
View Profile
  • October 26, 2021

More Than Half of Homes Are Selling at or Above List Price

Share of Homes Selling at or Above List Price Reached New Highs in August 2021

Since the pandemic began over a year ago, a supply shortage of for-sale homes has fueled home price growth. The national CoreLogic Home Price Index (HPI®) has been posting double-digit year-over-year growth since March. With mortgage rates near historical lows, some homebuyers are willing—and newly able—to pay a premium to secure their dream home. As a result, more than half of homes were sold above list price in August 2021.

Figure 1[1] shows the share of homes that sold at a price above, equal to or below the list price. Starting from July 2020, the share of homes selling at or above list price (orange and blue areas in Figure 1) reached and exceeded the previous peak in June 2005. In June 2021, that share reached a new high of 71.6% of total sales – almost five times of the level during the trough in January 2008, and almost 30 percentage points higher than March 2020 when the pandemic began.

Figure 1: Share of Sales At or Above Reached New Highs


Still, housing markets are different across the nation, and sales and listing patterns vary geographically. Figure 2 shows the share of homes that sold at, above, or below their list prices in 20 metropolitan areas during August 2021. Seattle had the largest share of homes – 78% – that sold for at least the list price. San Francisco and San Diego, followed with 77% and 75% selling for the list price or more, respectively. Miami had the lowest share – 39% – of homes selling at or above the list price in August.

Figure 2: Seattle Had the Highest Sold At or Above List Price in August


As the total supply of houses available for sale is below three months, price pressures rapidly increase. Figure 3 shows the price premium or discount and months’ supply for over 200 metropolitan areas in August 2021.

In Seattle, where the supply has been thin, homebuyers paid 4.3% more than the asking price on average. In Miami, where the months’ supply was relatively high, homebuyers were able to negotiate below asking prices, with average discounts of 3.2% in August.

Figure 3: Price Pressure Increases as Supply Drops Below 3 Months


With both for-sale inventory and mortgage rates at historically low levels, motivated homebuyers are facing strong competition in this sellers’ market. Homes are sold fast with less room for negotiation.

The increase in COVID-19 vaccine availability and adoption could help release inventory and price pressure as more potential sellers feel safer putting their homes on the market.

[1] The U.S. statistics are based on data for 68 metropolitan areas. Each of these metros has at least 50% coverage since 2000. CoreLogic MLS data coverage usually increases over time, which might also contribute to inventory increases.

  • Category: Blogs, Intelligence, Office of the Chief Economist
  • Tags: Market Trends
ABOUT THE AUTHOR
Shu Chen
Shu Chen
Senior Professional, Statistical Analysis, Office of the Chief Economist
View Profile

Related Posts

Jan23CSIPromo
Home Price Insights

US CoreLogic S&P Case-Shiller Index Growth Rate Cools Further in November, Up by 7.7%

Annual U.S. home price growth continued to relax in November for the seventh straight month.

January 31, 2023
CoreLogic Reactor Tordado
Hazard HQ

January 24 EF-3 Tornado in Harris County, Texas

CoreLogic Tornado Forensics Technology captured the EF-3 tornado path that ripped through southeastern Harris County on Jan. 24 to damage homes and disrupt industrial operations.

January 31, 2023
Appraisal Waiver
Blogs

How New Appraisal Waiver Policies Affect Old Homebuying Practices

Electing to accept an appraisal waiver may make the difference between closing on a loan and getting stuck in a repeat bidding cycle.

January 27, 2023

About Corelogic

  • Newsroom
  • Leadership
  • Careers
  • Ethics & Compliance

Accounts

  • Products Sign-in

Contact

  • Sales Contact
  • Product Support

Regions

  • CoreLogic Australia
  • CoreLogic New Zealand
  • CoreLogic UK

Follow & Connect

  • Facebook
  • Instagram
  • Linkedin
  • Twitter
  • YouTube
© 2023 CoreLogic. All rights reserved.
  • Legal
  • Privacy Policy
  • CCPA
  • Security
  • Sitemap
  • Accessibility
  • Legal
  • Privacy Policy
  • CCPA
  • Security
  • Sitemap
  • Accessibility