Map Shows Where Home Sellers Have Most ‘Delusional’ Asking Prices
Summary
During the pandemic, home buying was very competitive because there were not many houses for sale. Now, the market has slowed, and in seven U.S. cities, sellers have set higher prices than buyers are willing to pay. Many sellers have had to lower their prices as a result.Key Facts
- In seven cities, sellers are asking more for homes than buyers want to pay.
- Three cities with high asking prices are in Florida: Deltona, Cape Coral, and Jacksonville.
- Honolulu and Phoenix have about 95% of starter homes priced above what buyers find reasonable.
- In Houston, 94% of homes are priced too high for the market.
- Cleveland's home prices have gone up 11.6% compared to last year, but many listings saw price reductions.
- Across the U.S., more sellers are lowering prices as high home prices and high borrowing costs deter buyers.
- About 30.2% of over 3 million U.S. homes listed for sale in the summer did not sell at their initial prices.
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