Sellers Slash Home Prices as Demand Cools in Hot Markets
• Nearly a third of home sellers in some Sun Belt cities are cutting prices as more homes hit the market and sellers struggle to accurately price homes
• Nationwide, 20% of listings saw a price cut in February, up 2% from last year, signalling that sellers misjudged demand
• Price cuts provide relief for priced-out buyers, but prices and rates remain high; median monthly mortgage payment was $2,184 in January
• Some markets see increased demand as buyers anticipate lower rates and want to purchase before more price hikes
• Affordability issues persist, with typical household earning $40,810 less than needed to buy a median-priced home in October