As Cooling Kicks In, More List Prices Slashed

Conditions for home sellers are shifting.

According to new research home prices are still strong, more listings have had their prices reduced—an indication that multiple-offer scenarios are shrinking, and homebuyers have more options.

Across the country this month, 15 percent of listings had prices reduced, the research shows. Last January, the figure was 13 percent.

Where are cuts happening the most? Thirty-nine, or 78 percent, of the 50 largest markets in the nation had more listings with lowered prices, with Las Vegas leading the way, at 16 percent.

Days on market, or how long a property sits, is speeding up, as well. In January, the average home was on the market for 87 days—two days faster than in Jan. 2018. However, the rate’s slowing; back then, days on market was seven days faster than the prior year.

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