Nearly 20% of Home Sellers are Dropping Asking Prices, According to Redfin

Originally published on May 26, 2022, by Kenneth Applewhaite for Redfin.

The housing market is sending clearer signals that the pandemic-driven housing frenzy is coming to an end, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Nearly one in five (19.1%) home sellers dropped their price during the four-week period ending May 22—the highest level since October 2019. Measures of competition including the typical listing’s time on the market, the share of homes pending sale within one week and the share of homes sold above list price have all plateaued. Mortgage-purchase applications were at a level on par with June 2020, and the number of homebuyers touring and offering on homes, as measured by the Redfin Homebuyer Demand Index, posted its largest annual decline since April 2020.

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