Sellers are already lowering home prices in these cities

 

sellers are already lowering home prices in these cities

 

 

 

 

As inflation and interest rates rose in tandem, housing prices in certain US cities began to fall-or at least leveled off. According to Redfin RealEstate NewsIncreasingly, more and more home retailers have begun to lower their asking prices this month, demonstrating the recent chill in the red-hot housing market. Redfin believes this is being caused by the rapid rise in mortgage rates, which is reducing the budgets of future buyers. Concerns about recession, declining home buying sentiment considering stock market volatilityWhen General air of economic uncertainty..

According to Redfin, the areas with the most price cuts are the same as the areas that have benefited most from the soaring ratings in. The beginning of a pandemic. Redfin said, “Price cuts are especially common in the western medium-sized metro, especially in Utah. Many of them have seen significant price increases as they were hotspots for people traveling from other parts of the country during the pandemic. Showed. ”All over the United StatesOver 10% of Home Dealers Dropped Prices Overall This Month All metropolitan areas.

Fortune calls this phenomenon a “major deceleration.”” People listed recently put hDiscovered by some people on the market The demand they expected wasn’t entirely there and was forced to fall from the original asking price...Giveamong them U.S. home prices have risen on average 34.4% in the last 2 yearsAny slowdown is welcome for buyers, surpassing the record two-year rise in home prices (21.2%) posted before the 2008 mortgage crisis, but sellers still adjust their expectations. Seems to be doing..

It’s impossible to know when the exact “perfect” time to buy a home will be, but it seems that the era of fierce bidding wars is coming to an end. These 10 U.S. city, Last month’s share of price cuts was highest:

1. Provo, Utah

• List of reduced housing: 47.8%
• Median selling price: $ 550,000

2. Tacoma, Washington

• List of houses that saw price cuts 47.7%
• Median selling price: $ 575,000

3. Denver

• List of reduced housing: 46.9%
• Median selling price: $ 614,000

4. Salt Lake City

• List of reduced housing: 45.8%
• Median selling price: $ 556,000

5. Sacramento, California

• List of reduced housing: 44.3%
• Median selling price: $ 610,000

6. Boise, Idaho

• List of reduced housing: 44.2%
• Median selling price: $ 549,990

7. Ogden, Utah

• List of reduced housing: 42.6%
• Median selling price: $ 500,000

8. Portland, Oregon

• List of reduced housing: 42.0%
• Median selling price: $ 570,500

9. Indianapolis

• List of reduced housing: 41.9%
• Median selling price: $ 285,000

10. Philadelphia

• List of reduced housing: 41.2%
• Median selling price: $ 290,000