1020 ET - Redfin reports that 68% of U.S. condos sold in February went for less than their asking price, up from 63.3% a year ago and the highest February rate in five years. A cooling housing market, driven by rising inventory, high prices, and elevated mortgage rates, has shifted leverage to buyers, who are negotiating better deals. Condo sales are slowing fastest in Florida, where soaring HOA fees--due to rising insurance costs and new safety rules--are hitting hard. Redfin notes condos now sell at a bigger discount, with February's sale-to-list-price ratio at 95.4%--down from 96.4% last year and nearly 100% three years ago--meaning a typical condo sold for 4.6% below asking. Once an affordable entry to homeownership, condos are pricing out many buyers as costs climb.(chris.wack@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 10:20 ET (14:20 GMT)
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