San Antonio home sellers reducing asking prices, Zillow and Redfin report
Data from Zillow and Redfin indicates more San Antonio home sellers are lowering their asking prices compared with a year ago.Home sellers in San Antonio are lowering their asking prices, data from two real estate brokerages indicates, as would-be buyers contend with higher mortgage rates and prices.
Boise, Idaho; Denver; Salt Lake City; and Tacoma, Wash., topped the list for the biggest share of homes with price reductions. “If demand plateaus in the coming months, price cuts are likely to be less common as sellers realize the market has shifted and price realistically from the start,” Bokhari said. “But if demand falls further, sellers will continue to play catch-up and cut prices to attract buyers.”More Houston home sellers are cutting their asking prices as the market cools slightly, data showsThe brokerage estimated 15.8 percent of San Antonio homes for sale saw price cuts in June, compared with 8.
Along with economic turbulence, buyers are contending with rising prices, Zillow spokesman Mark Stayton said. “After seeing prices surge for months, sellers are now having to readjust their expectations,” Stayton said. The area’s housing market has shown signs of cooling in recent months amid higher rates and prices that are too high for some buyers.On ExpressNews.com:Sales fell 9 percent in June from a year earlier, the third consecutive month of declining year-over-year sales, according to the latest data from the San Antonio Board of Realtors.
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