14.6% of U.S. homes listed for sale in April had price reductions, marking the first annual increase since May 2023.
Home sellers are cutting prices as spring buying season starts with higher mortgage rates, with 14.6% of U.S. homes listed for sale last month having their price lowered, a 1.4% increase compared to a year ago. This marks the first annual increase since May 2023. The percentage of homes with price reductions has been slightly higher than the monthly average since January 2017. This trend benefits prospective homebuyers navigating an unaffordable housing market, as a persistent low supply of homes for sale has driven overall home prices higher, despite a decline in U.S. home sales over the past two years.
March 15, 2024
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