Nearly 41.2% of active single-family listings include price reductions. The median cut is 4%, amounting to roughly $17,230 off the typical $427,900 listing price. Homes are sitting on the market for a median of 77 days, and 10.2% of listings are being relisted a sign that deals are falling through or sellers are testing lower price points. In most metro areas, the typical reduction falls between $10,000 and $25,000.
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Although some Realtors might be expecting a more active housing market in the current months, economists warn that affordability remains a challenge for many consumers. Lower rates have been bringing some buyers into the market, but according to data from the Mortgage Bankers Association, the recent drop in rates has primarily increased refinance activity rather than purchase activity, Lisa Sturtevant, chief economist for Bright MLS, said in a statement.