Summary
Sellers in the U.S. housing market are reducing home prices more than ever to attract cautious buyers. In August, homes typically sold for about 4% less than the asking price, and nearly 17% of sellers lowered their prices, the highest on record since 2012 for that month.
Key Facts
- In August, the typical U.S. home sold for about 4% less than its asking price.
- Nearly 17% of sellers reduced their asking prices, the highest rate for August since 2012.
- The housing market has slowed down due to high home prices, rising borrowing costs, and economic uncertainty.
- There were over 2 million homes listed for sale in the U.S. in August.
- Home sales declined 2.3% compared to the previous year.
- Listings stayed 8 days longer on the market than in August 2024.
- Sellers outnumbered buyers by more than 500,000, tipping the market in favor of buyers.
