The U.S. housing sector is finally cooling off. For those looking to buy, there are homes in several parts of the country that are on sale right now, according to new data.
Sellers slashed home prices in June in areas that saw red-hot price appreciation earlier in the pandemic, including Reno, Nev., Austin, Texas, and Boise, Idaho, according to Realtor.com. With more homebuyers pulling back amid higher mortgage rates and recession fears, sellers are reacting to the decline in demand.
Ratiu noted that the price cuts have been the sharpest in places that attracted many eager out-of-state buyers earlier in the pandemic. Austin follows closely, with 32.4% of homes in the area having their prices reduced. The median list price for a home in Austin was $620,000. “The bidding war days are gone on most homes,” Ryan added. “If the seller needs to sell, they’re slashing their prices to get a buyer in there.”
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