Interesting national trend as we see price cuts on homes reach a 2-year high. Median home prices fell in July, dipping from $445,000 in June to $439,950 in July, according to a new monthly housing report by Realtor.com®. July is usually the high season for home sales but many buyers have been sitting things out waiting for interest rates to drop. Buyers heard the Fed say they may drop rates once or twice this year and so they are hanging on to see what happens. Further making the point that things are looking better for buyers is that the share of listings with price cuts reached a two-year high in July, increasing by 3.4 percent (compared with the prior year) to 18.9 percent—which is higher than before the COVID-19 pandemic. I just had a seller go through having to reduce their price to sell and it is frustrating. Had they sold in the spring they would have gotten a bit more money but at least it was a very clean and short escrow and they still made more than they would have made had they sold in 2021 when we first discussed it.
Where is the market going?
