Home sellers around the U.S. are cutting prices, especially in these 10 U.S. cities
CBSN
During the pandemic, home sellers had the upper hand as droves of buyers competed for a limited pool of properties. But there are signs the tide is turning, as a growing number of sellers now cutting prices.
About 1 in 7 listed properties had a price reduction in June — about double the rate from a year earlier, according to Realtor.com. Some of the hottest markets during the health crisis are now witnessing some of the deepest price cuts, with almost 1 in 4 properties in Austin, Texas, seeing a price drop and about 1 in 5 homes in Phoenix and Las Vegas seeing a reduction, the report found.
The price cuts come as homebuyers are facing an affordability pinch. On the one hand, the median listing price reached a new high of $450,000 in June — a figure that is unaffordable for many households. At the same time, borrowing costs have spiked, making it more expensive to finance a mortgage.
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