Share Of Homes With Price Reduction Rises

Dated: November 7 2022

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Higher mortgage rates have home buyers feeling more hesitant. But if you're a buyer who's concerned about declining affordability conditions, there may be some encouraging news in a recent release from the National Association of Realtors' consumer website. The data shows a rising number of homes for sale have had a price reduction. The share of homes with price reductions was up 10.3 percent to 20.9 percent in October. For comparison, price reductions were at 17 percent in 2019 and 21.2 percent in 2018.

In other words, the current number is relatively normal and in line with pre-pandemic levels, but certainly higher than the past two years when home prices were skyrocketing. Regionally, price reductions were most common in the West and South, with Phoenix, Austin, and Las Vegas leading the list of metros with the highest share of price cuts. But while price reductions have grown significantly, prices remain high. In October, the median listing price was $425,000.


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Michael Downer

Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....

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