Home sellers are expecting more than list price when they go to sell. And there’s good reason why they believe that: Over half of homes—51%—are selling for more than the asking price, a record high, according to new real estate research data. A year ago, 26% of homes were selling for above asking price.
“The fact that homes keep selling for more and more above asking prices goes to show that many more people want a home than there are homes for sale,” says Daryl Fairweather, a real estate chief economist. “I don’t see that changing until mortgage rates increase, which will likely happen later this year. But until then, the housing market will remain red-hot.”
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