"Arizona leads nationally with 44.6% of listings cutting prices with Florida following closely at 43.6%. Combined, the two states represent $119 billion in real estate inventory under significant pricing pressure."
"A lot of agents will just say, Okay, we can try it at your number for a little while and then we can go to the more realistic number, which is not great for the market."
"Pithers cautioned against painting the entire state with a broad brush. On the ground here [in Tampa] it doesn't feel like that, she said. In certain areas, homes are flying off the market in a couple of days in multiple bids."
"This is all part of adjusting to the market shift from a quickly appreciating market to a slowly appreciating market, he said."
Arizona and Florida are experiencing significant home price reductions, with 44.6% and 43.6% of listings cut, respectively. Together, they account for $119 billion in real estate inventory under pressure. In Florida, the price reduction rate increased to 43.6%, with over 40,000 homes affected. Tampa-St. Petersburg-Clearwater has the highest reduction rate at 48.7%. While some areas see homes selling quickly, others have excess inventory. Experts view these reductions as a natural market transition rather than a crisis, indicating a shift from rapid appreciation to slower growth.
Read at www.housingwire.com
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