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Housing market 'no longer heating up,' new Redfin report shows

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Home sellers suggest the housing market is “no longer heating up,” as homes are staying on the market longer and the share of homes with a price drop rose for a fifteenth straight week, according to a new report from Redfin Corp.
RDFN,
+1.85%
,
a real estate brokerage services company. Home that sold were on the market for a median 17 days for the four-week period ending Aug. 8, that’s down from 35 days a year ago, but up from a record low of 15 days in late June and July. The share of homes for sale that had price drops was 4.9%, up from 3.6% a year ago, and from 4.7% a week ago. The median home-sale price was $362,642, up 17% from a year ago, but down $362.750 last week, while 53% of homes old above list price, up from 30% a year ago but down from 54% last week. The median asking price for newly listed homes was $355,389, up 11% from a year ago but down from $358,475 last week. Redfin’s report comes as the iShares U.S. Home Construction ETF
ITB,
-0.76%

has gained 2.1% over the past three months, while the S&P 500
SPX,
+0.30%

has advanced 8.5%.