Each month, Redfin takes a look at home price trends throughout 19 key US markets. This month shows the rapid rise in home prices and sales volume during much of 2013 has now shifted course. Low mortgage rates and strong pent-up demand had buyers flooding into the market, but now both buyers and sellers are facing challenges. Buyer demand has been curbed by higher mortgage rates, higher prices over the last year, and limited inventory. At the same time, many sellers are no longer able to command full list price for their homes.
This month we’re taking a closer look at sellers dropping prices on homes for sale. Sellers have increasingly resorted to dropping their list prices in the face of this softening housing market.
Check out the full Price Tracker Report in the Redfin Research Center.