As more houses  remain on the market longer in the U.S., the fix-it budget for home sellers has seen a more than 50% spike in price in the past year, according to new data.

The average work order for repairs was around $3,831 in September, compared with $2,537 at the same time a year ago, said PunchListUSA , a Charleston, South Carolina-based property-tech inspection and repair company that operates in 14 major cities, including Atlanta, Dallas, Denver, Phoenix and Washington.

PunchListUSA's findings come from work orders generated from more than 26,000 estimates through its platform. Additionally, repair requests from home buyers are more than 100% higher compared with a year ago, the company said. That's because many buyers were once willing to waive such contingencies, including certain home inspections, as the demand for housing soared in uber-competitive markets, PunchListUSA Chief Financial Officer Mark Kearns told USA TODAY.

"Owners making repairs to their homes at the buyer's request  is almost becoming a requirement again," Kearns said. "We're witnessing the industry reversing course from a seller's market to a buyer's market."

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More homebuyers "can walk away"

PunchListUSA's fix-it figures also come as the nation's once-hot housing market continues to cool. Existing-home sales fell 0.4% in August, a seventh straight month of decline, falling 20% from the same month a year ago, according to the National Association of Realtors' latest figures. Year-over-year sales dropped to 4.8 million in August, from 5.99 million in August 2021, the NAR also reported.

In addition, about 60,000 home-purchase agreements fell through in June, according to real estate broker Redfin , totaling about 14.9% of homes under contract that month. That was the highest percentage on record, excluding March and April 2020, when the housing market came to a standstill because of the COVID-19 pandemic.

"The market has softened and buyers can walk away if the repairs are not being done," said Lora Helt, PunchListUSA's chief growth officer. "A lot of contracts are being null and voided."

Repair-work order price increasing

PunchlistUSA also said it had seen a 37% increase in average repair work order size year-over-year, rising to $3,729 in September compared with  $2,727 in September 2021. The most requested repairs included electrical wiring, heating, ventilation and air conditioning; upgrades to kitchens 15 years and older; and roof repairs, including leaks.

That finding also comes as homes in the U.S. spent an average of 50 days on the market last month, an increase from a record  low of 31 days in May, according to the St. Louis Federal Reserve and Realtor.com.

PunchListUSA's Helt said there is slightly more housing supply on the market than there was just six months ago. The supply of homes for sale was up 27% in September compared with the same time a year ago, Realtor.com said.

Housing market mortgage rates

Soaring mortgage rates are also a factor, Helt added. The average rate on the popular 30-year fixed mortgage, which accounts for more than 90% of all mortgage applications, is now slightly more than 7%, according to Mortgage News Daily.

Source: usatoday.com