Analysis: One in four listings is discounting

Builder

About one out of four home sellers who listed their homes for sale since the outbreak of the coronavirus pandemic has priced them at discounts below pre-pandemic price levels, according to a new analysis of the nation’s 30 largest markets by Weiss Analytics.

Homes priced higher than $600,000 are more likely to be discounted than less expensive homes. Sellers of some 37% of houses worth over $600,000 have asking prices below their February values, with a median discount of 7.7%. The market share of higher-priced listings that are discounted has increased every week since the pandemic slowed real estate sales in March. New listings for these houses have outpaced sales by 3 to 1.

Markets with the highest percentage of new listings discounted since February are New York (34% of new listings), Baltimore (31% of new listings), and Los Angeles (30% of new listings).

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