PRICE DECREASES

From WRE NEWS

Properties at the lower- and mid-tier and the South were the most likely to have lowered prices while luxury home prices remained steady. Homes priced between $350,000–$500,000 saw the greatest share of price cuts, 21.6%, compared to just 13.3% of listings priced over $1 million.

Nationally, the median list price held steady at $425,000 in September, flat from one year ago and down by 1.2% from August. Regionally, price reductions during September varied from the Northeast with just 14.0% of listings, compared with 19.2% in the Midwest, 20.9% in the West, and 21.1% in the South. The metro areas with the highest share of listings seeing price cuts included Portland (30.2%), Denver (30.7%), and Indianapolis (29.7%).

“September’s trends show a housing market increasingly tilting in buyers’ favor, with a rising inventory of homes for sale, longer days on market and more competitive pricing,” said Danielle Hale, chief economist at Realtor.com. “At the same time, a Realtor.com analysis of seasonal trends shows the week of Oct. 12–18 offers a particularly good window for buyers. While market power varies across regions and price tiers, reflecting economic conditions, in many areas momentum is lining up with seasonal price cuts and other advantages, which will make this fall particularly buyer-friendly relative to recent years.”