By Realtor
Homebuyers who have been staying out of the market, waiting for prices to dip, may be running out of time to snap up that deal.
While the share of active listings carrying a price reduction remained elevated by historical standards at 16.7% in April, they are less common nationally than they were a year ago, suggesting that prices are settling where they need to be.
However, in several markets, price cuts remain common, led by Phoenix, where nearly a third of listings (29%) carried a price reduction last month. Phoenix was followed by Tampa, FL (25%), San Antonio, TX (25%), Denver (24%), and Portland, OR (24%).
“Put simply, homes are not moving in these markets,” says Realtor.com® senior economist Jake Krimmel. “That’s down in part due to ample supply but also anemic demand at current prices and interest rates.”
