Home Sellers Are Dropping Their Asking Prices

As the housing market cools, 1 in 5 homeowners are now lowering their asking price

Image Source: Google By: Savardekar

Homes in August sat on the market an average five days longer than they did a year ago.

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The median listing price in August dropped to $435,000 from $449,000 in July

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The average home sold for less than its list price for the first time in more than 17 months during the four-week period ended

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Home sellers are getting nervous, as the once-hot housing market cools fast.

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One in 5 sellers in August dropped their asking price, according to Realtor.com. A year ago that share was just 11%.

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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.

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Homes simply aren't selling as quickly as they did six months ago when strong demand collided with limited supply.

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Despite fewer sellers choosing to list their homes, the supply of homes for sale is rapidly increasing, up nearly 27% from a year ago.

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