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Price cuts lift buyer choices as US home listings sit longer
HousingWire Data shows 42% of listings have seen price reductions, above the usual 30% to 35% range, while median days on market rose to 70.
HousingWire reports that price cuts are becoming more common in the US housing market as inventory builds and homes take longer to sell. HousingWire Data says about 42% of U.S. listings have seen price reductions, higher than the roughly 30% to 35% range considered normal.
The outlet adds that inventory has increased by about 25,000 units since early August, and median days on market climbed from 63 to 70 days. It also notes that the median home price slipped from $449,000 on Aug. 7 to $439,900, a decline of about $9,000 in six weeks.
HousingWire says Houston and Austin are among the coldest markets, while Charleston, WV, and Mansfield, OH remain the hottest. The report also points to pressure on Texas sellers from higher new construction and insurance costs, alongside an increase in buyer choice, quoting broker-owner Nimesh Patel on the “amount of inventory” in those markets.