1251 ET - Home listings are selling for less than asking price and taking longer to sell, according to Redfin. In January, the typical U.S. home was selling for 1.8% below asking, the largest discount in nearly two years, and taking 56 days to go under contract, the longest in almost five years. About 56% of listings remain on the market for at least 60 days, similar to last year but down from 61% last month, the highest in five years. High home prices--up 4% year over year--and elevated mortgage rates have pushed buyer payments near record highs, slowing the market. Political and economic uncertainty are also deterring buyers. But this slow market gives buyers more room to negotiate on price and terms, offering some relief amid high costs and low inventory. (chris.wack@wsj.com)

(END) Dow Jones Newswires

February 12, 2025 12:51 ET (17:51 GMT)

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