Prices Reduced in More than One-Quarter of Home Listings – NMP Skip to main content

Prices Reduced in More than One-Quarter of Home Listings

Phil Hall
Sep 21, 2018
A new data analysis by Redfin covering the four weeks ending Sept. 16 has found 26.6 percent of homes listed for sale had a price drop

A new data analysis by Redfin covering the four weeks ending Sept. 16 has found 26.6 percent of homes listed for sale had a price drop, the highest level on record since Redfin began tracking this metric in 2010. Last year at this time, price discounting occurred with 21.7 percent of homes for sale.
 
Redfin’s data analysis of all homes actively listed on the MLS for sale in the markets where the company operates also found the greatest percentage of price cuts on homes for sale taking place in Seattle (37.1 percent), Las Vegas (28.1 percent), Atlanta (27.9 percent) and San Jose (25.7 percent). Redfin defined a listing price reduction as more than one percent and less than 50 percent.
 
"After years of strong price growth and intense competition for homes, buyers are taking advantage of the market's easing pressure by being selective about which homes to offer on and how high to bid," said Taylor Marr, Redfin Senior Economist. "But there are some early signs of a softening market, and the increase in price drops may be another indicator that sellers are going to have trouble getting the prices, and the bidding wars, that they may have just months ago. Instead, many are finding their homes are sitting on the market without much interest until they start reducing their prices."
A new data analysis by Redfin covering the four weeks ending Sept. 16 has found 26.6 percent of homes listed for sale had a price drop

 
Published
Sep 21, 2018
Mortgage Industry Will Soon Be ARMed To The Teeth

ARM loans might be a saving grace to borrowers who recently purchased a home, but it comes with risks.

Industry News
May 20, 2022
Battle Between Loan Originators Gets Sparkly and Dirty

Flowers is suing both Durosko and Peevey for these pranks, demanding compensation for their harmful acts, but that doesn’t tell the whole story. 

Industry News
May 18, 2022
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022