We tried to warn you! After the holiday season of 2018, homes that remained on the market were susceptible to price cuts. This was certainly true for the first week of January. Now, Realtor.com is reporting that the month of January as a whole shows an uptick in seller price cuts.
From the report:
Sellers are making price cuts, especially in the sunshine states
In January, the share of homes which had their prices cut increased by 2 percent compared to the previous year. This increase was driven by price reductions in the nation’s largest markets. In fact, 39 of the 50 largest markets saw an increase in their share of price reductions compared to last year. Las Vegas saw the greatest increase in price reductions in January, up 16 percent. It was followed by San Jose (+9 percent), Seattle (+8 percent), Orlando (+6 percent), and Phoenix (+5 percent).
More Market Statistics
- The January U.S. median listing price was $289,300, up 7 percent year-over-year
- Nationally, homes sold in 87 days in January, two days faster than last year
- National inventory grew 6 percent year-over-year, while inventory in large markets increased 12 percent