Over 25% Of Home-Sellers Dropped Their Price In June In Most Metro Areas

Over 25% Of Home-Sellers Dropped Their Price In June In Most Metro Areas

Authored by Mike Shedlock via MishTalk.com,

Redfin reports price reductions by at least 25 percent of sellers in three-fourths of the metro areas it tracks.

Redfin reports More than 60% of Boise Home Sellers Dropped Their Asking Price in June Amid Cooling Market

Price Drops by City 

Boise, ID (61.5%)

Denver, CO (55.1%)

Salt Lake City, UT (51.6%)

Tacoma, WA (49.5%)

Grand Rapids, MI (49.3%)

Sacramento, CA(48.7%)

Seattle, WA (46.3%)

Portland, OR (45.7%)

Tampa, FL (44.5%)

Indianapolis, IN (44.1%)

Phoenix, AZ (43.6%)

San Diego, CA (43.3%)

Stockton, CA (42.9%)

Austin, TX (41.6%)

“Home sellers are contending with a rapidly changing market, especially in places where they’re used to their neighbor’s homes getting multiple offers and selling for more than asking price,” said Redfin Senior Economist Sheharyar Bokhari. 

In 18 metro areas, over 40 percent of sellers reduced prices.  In 73 metro areas, at least 30% of sellers reduced their asking price.

Redfin tracks 97 metro areas.

Just a Start 

Home prices have gotten so insane, this is barely a start to what’s coming.

Housing and Commercial Real Estate Both Weakening

Single-Family Housing Starts and Permits Dive Eight Percent in June
Existing Home Sales Dive Another 5.4 Percent in June, Down Fifth Month
There’s an Amazing Glut of Office Space in Every Major Metro Area

Both residential and office space are under severe pressure.

 

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Tyler Durden
Sun, 07/24/2022 – 15:30

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