Sellers' Market Peak? More Drop Their Asking Price
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April 12, 2022
In April so far, 12% of sellers dropped their price compared to 9% one year earlier. It's too soon to call it a trend, but it suggests prices might soon hit their peak.
Moving into the spring buying season, the number of new listings is picking up - 8% higher year-to-year, according to realtor.com data. But even with the climb, housing shortages abound, and active inventory is down 13% year-to-year.
With home prices and mortgage rates climbing, more aspiring homebuyers become priced out, and sellers may be taking notice. About 12% of homes for sale had a price drop during the four weeks ending April 3, according to a recent report from Redfin, up from 9% a year earlier.
The number of price drops is also growing faster this time of year than it has since at least 2015, Redfin notes. Typically, that number is usually flat month-over-month during this time of year.
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