A record share of home sellers cut their listing prices in February as competition for homebuyers necessitated steep price reductions,anApril 9 report by real estate platform Redfin said.
About34.2 percent of sellers reduced their listing pricesin February, up from 31.5 percent in the same month a year earlier, according to Redfin’s analysis of MLS data.
That was the highest February share since the firm began tracking MLS records in 2012.
The sellers who cut their listing prices reduced them by an average of $40,915, said Redfin.
That amounts to a 7.3 percent cut, the highest for any February since 2023.
Final sales prices could include further reductions due to negotiations on such items as closing costs, contingency fees, and other contractual stipulations.
“Price cuts are on the rise because it’s a buyer’s market,”said Redfin data journalist Lily Katz and senior economist Yingqi Xu.
“There are hundreds of thousands more home sellers in the market than buyers because buyers have been spooked by high mortgage rates, high prices and economic uncertainty. When sellers outnumber buyers, buyers can often negotiate on price because they have a lot of options to choose from.”
As The Epoch Times' Bill Pan reports,in markets flush with new housing inventory, the number of sellers who slashed their listing prices was far more pronounced.
Nearly 60 percent of sellers in San Antonio, Texas, lowered their listing prices in February, Redfin reported, while slightly more than 55 percent of sellers in Austin, Texas, initiated price cuts, followed by Dallas (47.3 percent), Tampa, Florida (45.9 percent), and Fort Lauderdale, Florida (44.9 percent).
Source: ZeroHedge News
