The number of homes in the U.S. selling above asking price has dipped to its lowest springtime level since 2020, which Redfin cites as another sign that we’re now in a buyer’s market.

Redfin reported that over a four-week period ending June 8, 28% of homes sold above the asking price, which is down from 32% during that time frame last year. By comparison, 53% of homes sold for more than their list price during the same period in 2022, when it was firmly a seller’s market.

Redfin noted that pending home sales fell 1.1% year over year and reached the lowest level in the company’s records during that four-week period. The real estate brokerage also observed that just 37.6% of homes went under contract within two weeks, which is also the lowest level for this time of year since 2020. 

Chen Zhao, Redfin’s head of economics research, said that despite affordability challenges and economic uncertainty, prospective homebuyers have an opportunity to negotiate lower prices.

“It’s still tough for many Americans to buy a home, as affordability remains a real challenge, but house hunters should know that sellers are accepting offers below asking price and giving concessions to get deals done,” Zhao said in a press release. “Buyers have negotiating power, especially if they’re flexible on timing or location, or if they’re willing to take on a fixer-upper.”

Redfin reported earlier this month that there are nearly 500,000 more sellers than buyers in the current housing market. Additionally, 44% of Redfin’s listings in April had been on the market for at least 60 days without going under contract — the highest share for that month since 2020.