Source: CNBC —
Home sellers are getting nervous, as the once hot housing market cools fast.
One in five sellers in August dropped their asking price, according to Realtor.com. A year ago that share was just 11%.
The average home sold for less than its list price for the first time in over 17 months during the four-week period ended Aug. 28, according to a report by Redfin.
Homes are simply not selling at the breakneck pace they were six months ago, when strong demand butted up against tight supply, bidding wars were the norm, and a seller could often get a signed contract in under a weekend. Homes in August sat on the market an average five days longer than they did a year ago — the first annual increase in time on the market in over two years.
So 80% aren’t…. and less than 1 in 10 have dropped their list price from historic highs as compared to a year ago during one of the hottest housing markets… this is news? This is right up there with… prices are declining for the first time since 2012!!…yeah… they have been going up every year including 30-40% in the last 2 years… and have declined 2 or 3% at the most…and are still going up 2-5% in most markets. I guess anything for a click grabbing headline works….
I have seeing in some areas of Los Angeles County certain reducing prices down to 10% more or less, the thing is not enough for the Buyers those we have right now, but yes is going down
The middle-class has been effectively priced out of the market in Austin TX…….need to drop a lot more to revive the once attainable family home.