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."