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Over 25 Percent of Home Sellers Dropped Their Price in June In Most Metro Areas

Redfin reports price reductions by at least 25 percent of sellers in three-fourths of the metro areas it tracks.
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Share of homes with a price drop Redfin 2022-06

Redfin reports More than 60% of Boise Home Sellers Dropped Their Asking Price in June Amid Cooling Market

Price Drops by City 

  • Boise, ID (61.5%)
  • Denver, CO (55.1%)
  • Salt Lake City, UT (51.6%)
  • Tacoma, WA (49.5%)
  • Grand Rapids, MI (49.3%)
  • Sacramento, CA(48.7%)
  • Seattle, WA (46.3%)
  • Portland, OR (45.7%)
  • Tampa, FL (44.5%)
  • Indianapolis, IN (44.1%)
  • Phoenix, AZ (43.6%)
  • San Diego, CA (43.3%)
  • Stockton, CA (42.9%)
  • Austin, TX (41.6%)

“Home sellers are contending with a rapidly changing market, especially in places where they’re used to their neighbor’s homes getting multiple offers and selling for more than asking price,” said Redfin Senior Economist Sheharyar Bokhari. 

In 18 metro areas, over 40 percent of sellers reduced prices.  In 73 metro areas, at least 30% of sellers reduced their asking price.

Redfin tracks 97 metro areas.

Just a Start 

Home prices have gotten so insane, this is barely a start to what's coming.

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Case-Shiller Home Price Index National and Top 10  2022-03

Housing and Commercial Real Estate Both Weakening

Both residential and office space are under severe pressure.

This post originated at MishTalk.Com.

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