A new report published by Redfin found that more home sellers are cutting their asking price, suggesting sale-price growth could soften later this year.
A growing number of home sellers are slashing their prices as they try to lure back lukewarm buyers who are facing both high costs and steep interest rates. That's according to a new report published by Redfin, which found that 6.4% of sellers cut their asking price during the four weeks ended May 26 – the highest share since November 2022. The median asking price for a typical home on the market also fell by about $3,000 to $417,000, the first time that prices had decelerated in six months.
Together, the metrics suggest that sale-price growth could "soften in the coming months as persistently high mortgage rates turn off homebuyers," the report said. While buyers received a modicum of relief on housing costs at the end of May – monthly housing payments dropped to a six-week low thanks to a modest decline in mortgage rates – many Americans are still paying a record-high amount to buy a house.
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