Home Sellers Are Forced To Drop Their Prices!
Sellers have been forced to drop home prices while homes sit on the market for longer: 66 days on average, five days more than this time last year. There has also been little relief for homebuyers in terms of mortgage rates, which remain elevated at 6.74% as of Monday after dipping below 3% during the pandemic era. Experts noted, however, mortgage rates are trending down.
Inventory levels are also at their highest point since August 2019 while sales remained sluggish throughout January, Kenon Chen, executive vice president of strategy and growth at national real estate valuation tech company Clear Capital, told Fortune. He said, therefore, it’s not surprising to see sellers dropping prices.
But “should rates continue their downward trend over the next month, we could see more buyers come off the sidelines driving less need for price reductions as we head into the spring buying season,” he added.
More sellers are also took their homes off the market, with home delistings in December spiking 64% from a year ago to 73,000, according to CoreLogic data cited by the Wall Street Journal.
~ Above information provided by FORTUNE published on March 4, 2025 ~
Please keep in mind that the data provided above may vary in your area.
Bottom Line
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