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Sellers Rethink Their Asks as Listings Begin to Linger.

Sellers Rethink Their Asks as Listings Begin to Linger.pngEven in this highly competitive market, there are limits to the price buyers are willing to pay. Some home sellers are beginning to see their listings remain on the market, and these sellers may face the prospect of price cuts.July housing data showed that about 45 cities of the country’s 300 largest had an increasing number of homes with price cuts. “For buyers, these trends hold the promise of a less frenzied market, with more choice and better prices,” says George Ratiu, realtor.com®’s senior economist.Despite this, housing prices in many cities continue to rise by double-digit rates, even in the cities with the largest price cuts. realtor.com® points out that even in the healthiest real estate market there will be price cuts.“Price cuts could signal a turning point in the market, but they may also just be a sign of sellers getting ahead of buyers in pricing,” Danielle Hale, realtor.com®’s chief economist, said. “There seem to be some markets where it’s a local custom to price real estate that way.”Realtor.com®’s researchers reviewed monthly listing data to identify the markets with the highest percentage of markets with price reductions. For geographic diversity, they limited their list to one city per state. The following cities topped their list with the highest share of price cuts:

1. Des Moines, Iowa

Median list price in July: $193,050

Percentage of home listings with price cuts: 32%

2. Midland, Texas

Median list price in July: $330,050

Percentage of home listings with price cuts: 28%

3. Toledo, Ohio

Median list price in July: $117,050

Percentage of home listings with price cuts: 26%

4. Metairie, La.

Median list price in July: $359,050

Percentage of home listings with price cuts: 24%

5. Philadelphia

Median list price in July: $289,050

Percentage of home listings with price cuts: 22%

6. Portland, Ore.

Median list price in July: $550,050

Percentage of home listings with price cuts: 20%

7. Anchorage, Alaska

Median list price in July: $315,050

Percentage of home listings with price cuts: 19%

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