Real Estate Alert: Price Drops Hit Record Highs! 3 Crucial Stats You Must Know
Hey guys, price drops have hit an 18-month high. Here are three stats you need to know:
- In May, 6.4% of home sellers dropped their home prices. In the last week of May, home prices actually came down by $3,000.
- This is the first time home prices have declined in the last six months.
- Homes are also staying on the market longer, now averaging 46 days. We are seeing more stagnation with listings.
When analyzing the market, we consider supply versus demand. We still have very low supply, but demand is decreasing due to high interest rates and record-high home prices. This combination makes affordability tough for many home buyers.
When discussing this with sellers, it's important to explain that a market can have pricing power or pricing pressure. For years, sellers had pricing power due to low supply and high demand. Now, with demand dropping, pricing pressure is entering the market.
The best time for a price adjustment might be surprising—it's at the listing appointment. At...
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