Home Sellers Are Cutting Prices at a Record Rate to Lure Skittish Buyers

Core Insights - In August, 16.7% of U.S. home sellers reduced their asking prices, marking an increase from 15.9% a year earlier and the highest percentage for that month since records began in 2012 [1] - The share of listings with price cuts in August was the highest for any time of year, except for the previous two months, where the figures were 16.8% in June and 17.4% in July [1] Market Trends - The trend of increasing price reductions among home sellers indicates a potential shift in the housing market dynamics, reflecting challenges in maintaining asking prices [1] - The data suggests that the housing market may be experiencing pressure, leading to more sellers adjusting their expectations [1]