Aug 18

Listings Begin to Linger

Listings Begin to Linger

Even in this ultra-hot competitive market, there’s a limit to what home buyers are willing to pay. Some home sellers are starting to see their listings linger on the market, and those sellers may face the prospect of a price cut.

Realtor.com®’s July housing data showed that about 45 cities of the country’s 300 largest had an increasing number of homes with price cuts. “For buyers, these trends hold the promise of a less frenzied market, with more choice and better prices,” says George Ratiu, realtor.com®’s senior economist.

Still, home prices are still rising by double-digit margins in many cities—even those posting more price cuts. Price cuts occur in even the healthiest of housing markets, realtor.com® notes.

“Price cuts could signal a turning point in the market, but they may also just be a sign of sellers getting ahead of buyers in pricing,” Danielle Hale, realtor.com®’s chief economist, said. “There seems to be some markets where it’s a local custom to price real estate that way.”

Realtor.com®’s researchers reviewed monthly listing data to identify the markets with the highest percentage of markets with price reductions. For geographic diversity, they limited their list to one city per state. The following cities topped their list with the highest share of price cuts:

1. Des Moines, Iowa

  • Median list price in July: $193,050
  • Percentage of home listings with price cuts: 32%
2. Midland, Texas
  • Median list price in July: $330,050
  • Percentage of home listings with price cuts: 28%

3. Toledo, Ohio

  • Median list price in July: $117,050
  • Percentage of home listings with price cuts: 26%

4. Metairie, La.

  • Median list price in July: $359,050
  • Percentage of home listings with price cuts: 24%

5. Philadelphia

  • Median list price in July: $289,050
  • Percentage of home listings with price cuts: 22%

6. Portland, Ore.

  • Median list price in July: $550,050
  • Percentage of home listings with price cuts: 20%

7. Anchorage, Alaska

  • Median list price in July: $315,050
  • Percentage of home listings with price cuts: 19%

View the full list at realtor.com®.

Source:
“Boon for Buyers: 10 Cities Where Sellers Are Slashing Home Prices,” realtor.com® (Aug. 16, 2021)
©National Association of REALTORS®
Reprinted with permission

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