Redfin reports that 70% of Boise home sellers lowered their asking prices in July

Home sellers in pandemic-buying boom cities like Boise, Salt Lake City and Sacramento increasingly cut prices as buyers exit the market SEATTLE — (BUSINESS WIRE)–(NASDAQ: RDFN)–Nearly 70% of homes for sale in Boise, Idaho experienced price declines in July, according to U.S. data. Because they struggle to match expectations with the reality of a cooling housing market. A new report from technology-driven real estate brokerage firm Redfin (redfin.com). While Boise had the highest share of price cuts of the 97 metros in Redfin’s analysis, a large percentage of home sellers across the country cut prices in July. Next was Denver, with 58% of homes for sale down, Salt Lake City (56.4%) and Tacoma, Washington (54.8%). Those four metros also topped the list in June, with Boise, Salt Lake City and Tacoma also seeing the largest year-over-year rate reductions among the 10 metros. Tampa, FL (52.1%), Sacramento, CA (52%), Indianapolis (51.4%), Phoenix (50.1%), San Diego (49.7%) and Portland, OR (48.3%) in the top 10. Half of these metros — Boise, Denver, Tacoma, Sacramento, Phoenix, San Diego and Portland — are among the 20 housing markets to cool the fastest in the first half of 2022, after the market in Dozens of eager home buyers have been attracted during the pandemic. “Early this summer, both individual home sellers and builders dropped prices quickly, mainly because of their unrealistic expectations of prices and schedules. They were pricing too high because their neighbors’ houses were sold for months earlier. Sold at an exorbitant price and expected to get multiple offers in the first weekend because they heard the story of what happened,” said Boise Redfin agent Shauna Pendleton. “My advice to sellers is to price their home right from the start, accept the fact that the market is slowing down, and understand that it can take 30+ days to sell. If someone is selling a beautiful home in a desirable neighborhood, they shouldn’t drop the price .” Over 15% of home sellers lowered their asking price in every major U.S. subway station Nashville 32.3 % of homes for sale fell in price, representative of a typical metro area in July: Half of the metro areas in this analysis had a higher percentage of price falls, while half had a lower percentage of price falls. More than 15% of sellers in this analysis dropped prices in July across 97 metros. In McAllen, Texas, 15.7% of sellers lowered their asking prices, a lower percentage than any other subway. It was followed by Newark, NJ (15.8%), Miami (18.5%), Honolulu (18.5%) and Bridgeport, CT (18.8%). All but three were in Illinois, and the percentage of homes with declining prices increased from a year ago. Lake County’s share fell from 28.2% to 22.3%, Elgin from 27.3% to 22%, and Chicago from 26.4% to 21.3%. To read the full report, including additional metro-level data, visit: https://www.redfin.com/news/home-sellers-drop-prices-july-2022 About Redfin Redfin (www.redfin.com) is a technology-driven real estate company. We help people find housing through brokerage, instant home buying (iBuying), leasing, lending, title insurance and renovation services. We sell the house at a higher price and charge half the fee. We also operate the #1 real estate brokerage website in the country. Our homebuying clients see the home first with on-demand tours, and our loan and title services help them close quickly. Customers who sell their home can get an instant cash quote from Redfin or have our renovators fix their home for a premium price. Our rental business enables millions of people across the country to find apartments and homes for rent. Since our launch in 2006, we’ve saved our clients over $1 billion in commissions. We serve more than 100 markets in the US and Canada and employ over 6,000 people. For more information or to contact a local Redfin Realtor, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, please email p[email protected]. To view Redfin’s newsroom, click here. View source version at businesswire.com: https://www.businesswire.com/news/home/20220822005097/en/Redfin Reporter Services:
Ally Braun, 206-588-6863 [email protected] Source: Redfin2022 Posted August 22