Increasing Numbers Of Home Sellers Are Dropping Their Asking Price

Trend lines show home sellers are dropping their asking price, says online real estate brokerage firm Redfin.

Nearly 15% of home sellers dropped their asking price in the last four weeks, up from 9.1% a year ago, which, Redfin says, represents the largest annual gain in the firm’s weekly housing data back to 2015.

“Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market,” Redfin Chief Economist Daryl Fairweather said Friday. “Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller’s territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time.”

Redfin says the median home sale price was up 17% from last year to a record $396,125. The median asking price for a newly listed home, says Redfin, increased 16% from last year to $408,458, a new all-time high.

Redfin says that 56% of home sellers accepted an offer within the first two weeks of listing their house, up from 54% a year ago. In addition, Redfin reports, 56% of homes sold above their list price. Houses were on the market for a median of 15.5 days, down from 21.2 days a year earlier, the real estate brokerage reported.