New data from Redfin (NASDAQ:RDFN) found 6.4% of home sellers cut their asking price during the four weeks ending May 26, the highest share since November 2022.
The median asking price was slashed by roughly $3,000 to $416,623 in the last week, the first decline in six months. Redfin also noted the age of inventory (the typical number of days active listings have been on the market) started rising year-over-year in May for the first time in eight months, hitting a median of 46 days.
Redfin added the typical homebuyer’s monthly housing payment dropped to $2,812, its lowest level in six weeks, as high costs and still-elevated mortgage rates have diluted the seller’s market environment. And while the median home sale price is up 4.3% year-over-year to another record high, Redfin pointed out that “sale prices are a lagging indicator because they’re typically negotiated at least a month before a deal closes.”
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