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In the four weeks ending on September 23, homes that sold above asking price dipped below 2016 levels, according to the latest data from Redfin.

According to the company, 22.9% of homes sold for more than asking price, declining from 25.5% of homes the same time last year. Notably, the share of homes that sold above asking price has been steadily decreasing from June, when it was at 29%.

“With home price growth slowing to 4.7% in August, and a record-high share of sellers dropping their prices, the fact that fewer homes are selling above their asking price is another indication that competition is getting less intense than it has been in recent years," Redfin Senior Economist Taylor Marr stated.  Read more.