US housing market cools as price cuts close in on last year
Danielle Hale, chief economist at Realtor.com, said the data capture a market adjusting, not deteriorating.
“July’s data show a market that is cooling seasonally, not coming apart,” Hale said.
“Sellers are making more price adjustments as summer progresses, and buyers are responding more selectively, but homes are still going under contract at a faster pace than last year.”
Price cuts narrow the gap with last year
Regional trends tell a divergent story. Price reductions remain least common in the Northeast, at 13.7% of active listings, and the Midwest, at 18.7%, yet both regions are now running above their year-ago rates. By contrast, the South, at 21.3%, and the West, at 21.9%, each remain below last year’s levels.
Among the 50 largest metro areas, Portland, Oregon, led with 31.0% of listings carrying a reduction, followed by Denver at 30.9% and Dallas at 28.3%. Hartford, Connecticut, recorded the lowest share at just 9.0%.
