TPH - Nearly one in five home sellers lower price the highest rate since October 2019

Almost one in five (19.1%) of home sellers have lowered their price during the four-week period ended May 22, the highest rate since October 2019, suggesting that homebuyers are starting to reject historically high prices, according to a report from real estate brokerage Redfin. The median home sale price was up 16% Y/Y to a record $400K, Redfin noted, citing data from more than 400 U.S. metro cities  Pending home sales fell 5.4% Y/Y. And new listings of homes for sale were also down 0.9% from a year ago.  Active listings (the number of homes listed for sale at any point during the period) fell 13% Y/Y—the smallest decline since April 2020, Redfin said.   “The picture of a softening housing market is becoming more clear, especially to home sellers who are increasingly turning to price drops as buyers become more cost-conscious under higher mortgage rates,” said Redfin Chief Economist Daryl Fairweather. “For

For further details see:

Nearly one in five home sellers lower price, the highest rate since October 2019