Home Sellers Cutting Prices at Record Rate for Time of Year
One in five U.S. home sellers reduced asking prices in late September, the highest share for this period in Redfin's records.
Nearly 21% of U.S. home sellers reduced their asking prices during the four weeks ending September 20, marking the highest share recorded for that time of year in Redfin's data, according to a new analysis. The figure edged up from 19.8% during the same period a year earlier, signaling that buyers continue to hold leverage in many local markets.
Denver stood out as one of the metros where price reductions are most prevalent, though the analysis indicates the Colorado city is not the most extreme example of a buyer's market among major U.S. cities. The geographic spread of price cuts suggests the softening is not limited to a single region.
Read more Private-Sector Jobs Rose 90,000 in September, ADP Reports →
The persistence of elevated price reductions reflects broader affordability constraints that have weighed on housing demand. Mortgage rates remain a key factor discouraging would-be buyers, forcing sellers who need to transact to adjust expectations on price rather than wait indefinitely for offers at original listing levels.
Analysts note that the year-over-year uptick, while modest in percentage-point terms, carries significance because it represents a record for the seasonal period — a time when the market typically cools after the summer homebuying season. If the trend continues into the fall and winter months, additional downward pressure on list prices could follow.
Continue reading at Economic News, Trends, Analysis.
