Summary
In February, more than one third of U.S. home sellers lowered their asking prices, marking a record high for the month. The market has become more favorable to buyers due to a rise in the number of homes available. Southern U.S. cities like San Antonio and Austin, Texas saw some of the highest rates of price cuts.
Key Facts
- Over one third of home sellers reduced their asking prices in February, the highest level since records began in 2012.
- On average, sellers cut their prices by $40,915, or 7.3%.
- In some areas, such as San Antonio, Texas, over 57% of sellers lowered prices.
- The U.S. currently has about 46.3% more home sellers than buyers.
- The increased number of available homes has led to more negotiation power for buyers.
- Many sellers in the South, especially in Texas and Florida, are cutting prices due to a large number of new homes.
- Sellers in regions like the West and Northeast face less pressure to lower prices because demand remains high.
- The data is based on closed sales and does not account for further price cuts that might happen before relisting.
