One in five homes for sale had a price cut in September, the highest share for the month on record, according to Realtor.com’s monthly report released Wednesday. The figure was 20.8%.
Active listings rose 5.4% from a year earlier to 1,161,615, leaving inventory 9.1% below pre-pandemic levels. New listings slipped 0.7%, so the increase comes from homes sitting longer: the median listing spent 61 days on the market.
The median list price fell 1.4% to $419,250. Pending listings were down 4.1% from a year earlier.
Redfin’s data point the same way. In the four weeks to September 20, 21.1% of sellers cut their price, a record for the time of year, with Denver highest at 30.9%.
Sources
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