Price drops are becoming slightly more common, the latest symbol of today’s buyer-friendly housing market. But they’re only becoming slightly more common in the face of the strongest buyer’s market on record–a sign that many would-be sellers are waiting to put their home on the market and others are delisting if they don’t get their asking price. Additionally, some sellers have adjusted their expectations and are pricing realistically from the start.
Just over one in five (21.1%) U.S. home sellers with active listings cut their asking price during the four weeks ending September 20. That’s the highest share for this time of year in our records, which date back to the start of 2022–but it’s up only slightly from a year earlier, when 19.8% of sellers dropped their price.