Home Price Cuts Increase, but Still Not Buyer’s Market
Realtor.com has announced the findings of its August housing trend report which revealed a surge in price cuts and the second largest drop in the U.S. median list price in three years. Although competition between buyers remained stiff and list prices continue to rise, the report also revealed a slowdown in price growth and easing of inventory declines.
“Buyers, exhausted by bidding wars and little choice in inventory, could finally catch a break,” said Danielle Hale, chief economist for realtor.com. “An increase in price cuts suggests that sellers are starting to become more flexible, especially in pricey markets. However, affordability is a concern in most areas which continue to be sellers’ markets. Fierce competition and low inventory continue to push up prices. While buyers are gaining leverage in some markets, we are still far from a true ‘buyer’s market.’”