Sellers net all-time high sales prices to close spring

It's a buyer's market, but homeowners are still recouping all-time high sales prices. 

Sellers are netting an average sales price of $400,266 over the four weeks ending June 22, according to Redfin. That figure is up 1.6% from the same time last year, in a housing market currently beset by near 7% mortgage rates and sluggish activity due to economic uncertainty. 

Inventory continues to pile up and more sellers could be feeling like they missed their best chance to sell. There's over 1.1 million active listings nationwide, the brokerage reported, and prices are falling in some of the most coveted markets in recent years. 

"Some homeowners feel they missed the prime selling window; many people who don't need to sell right now are holding off, either staying put or trying to rent out their house," said Kathy Scott, a Redfin premier agent in Phoenix, in a press release. 

The average asking price is $22,000 higher than the ultimate sales price, the brokerage found. And although buyers have a host of options in the national market, they're still facing median monthly mortgage payments of $2,820 with an average 6.81% rate. 

Which metros are heating up or cooling down?

Redfin recorded the greatest year-over-year sales price growth in Newark, New Jersey, of 6.1%. Other Northeast cities, and snowbird destination Miami, also saw home prices grow around 5% from last spring. 

Homeowners in hot pandemic-era destinations are watching their values cool off, as home prices in Atlanta, Austin and Tampa all fell 2% or more in the past year. Oakland saw the largest dip in median sales price, fading 4.9% from last June. 

Pending sales statistics paint an even starker picture of the market's evolution. Imminent sales were down double digits in Houston, Miami, Las Vegas and San Jose, California. Fort Lauderdale, Florida was especially slow, with pending sales dropping 18.6% annually. 

Conversely, some mid-sized markets across the country saw modest gains in pending sales, led by Dallas (8.6%).

Overall demand however could be turning at the summer equinox. Redfin's Homebuyer Demand Index, which tracks tours and other services by the company's agents, ticked up slightly in the past two weeks, and another metric shows house tours heating up faster than last June.