There’s a huge gap between what home buyers want and what’s for sale

A new study from Realtor.com found that there is a large gap between the home price buyers are looking for and the listed prices. Half of today’s home shoppers want to purchase a property for under $288,000, the study found, based on an analysis of Realtor.com home-search data. That’s 9.1%, or $27,000, below the median price of homes currently on the market.

Realtor.com’s report also pointed to April data from the National Association of Realtors, which showed that the median sales price of homes sold two months ago was 15% below the price of all the homes available for purchase.“The price differences between what buyers are searching for, closing on, and what’s available on the market demonstrates just how big the gap is for entry-level home buyers,” Danielle Hale, chief economist for Realtor.com, said in the report.

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Source: CNBC - 🏆 12. / 72 Read more »