More than one-third (34.2%) of home sellers lowered their listing price during February, according to a new data report from Redfin. This marked the highest February share in records dating back to 2012. One year ago, 31.5% of sellers reduced their prices.
Sellers who lowered their price in February chopped out an average of $40,915, or 7.3%, the highest February percentage since 2023. Among all February home sellers (not just those who reduced their price), the average price cut was $13,463, or 2.4%, the highest February percentage on record.
Redfin noted that prices cuts were less like among sellers who had been in their homes for at least seven years – only 31.8%. That compares with 34.9% of sellers who had been in their home for two to seven years, and 37.4% of sellers who had been in their home for less than two years.
Texas and Florida sellers were most likely to cut prices. In San Antonio, 57.9% of February home sellers lowered their list price—the highest share among the 50 most populous U.S. metropolitan areas. Next came Austin (55.2%), Dallas (47.3%), Tampa (45.9%) and Fort Lauderdale (44.9%).
Home sellers were least likely to reduce their price in San Francisco, where 7.4% of February home sales included price cuts. Next came San Jose (11.1%), Newark, New Jersey (12.9%), Oakland (14.3%) and Seattle (18.4%).
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