A Record 34% of February Home Sellers Cut Their List Price
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Redfin reports home sellers in Texas and Florida were most likely to make price cuts, while sellers in the Bay Area were least likely SEATTLE--(BUSINESS WIRE)--More than one-third (34.2%) of February home sellers lowered their list price, according to a new report from Redfin, the real estate brokerage powered by Rocket. That’s up from 31.5% a year earlier and represents the highest February share in records dating back to 2012.February home sellers who lowered their list price cut it by an average of $40,915, or 7.3%—the highest February percentage since 2023.Among all February home sellers (not just those who reduced their price), the average price cut was $13,463, or 2.4%—the highest February percentage on record.This is based on a Redfin analysis that compares original list prices to final list prices in U.S. MLS home-sale records.Price cuts are on the rise because it’s a buyer’s market. There are hundreds of thousands more home sellers in the market than buyers because buyers
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