Home sellers are getting nervous, as the once-hot housing market cools fast.
One in 5 sellers in August dropped their asking price, according to Realtor.com. A year ago that share was just 11%.
The average home sold for less than its list price for the first time in over 17 months during the four-week period ended Aug. 28, according to a report by Redfin.
Homes are simply not selling at the breakneck pace they were six months ago, when strong demand butted up against tight supply, bidding wars were the norm, and a seller could often get a signed contract in under a weekend. Homes in August sat on the market an average five days longer than they did a year ago — the first annual increase in time on the market in more than two years.
The supply of homes for sale is also rising fast, up nearly 27% from a year ago, even as fewer sellers decide to list. Pending sales in July, which represent signed contracts on existing homes and which are the most recent sales data available, were nearly 20% lower than July 2021, according to the National Association of Realtors.
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