Home Prices Slowing, Sellers Slashing Prices

0:00Mortgage rates are climbing back towards 6.5 percent, scaring off some home buyers according to Freddie Mac. But affordability ain't just about rates home prices matter too, and the latest redfin data from early March shows they're rising way slower than before. Media and sale prices hit $391,000, up just 2 percent from last year, while new listings averaged $400, $25,000, a 2.5 percent bump. buyers are slashing prices more often now. Flipping the script from those wild pandemic bidding wars, Realtor.com says 16.2 percent of listings saw cuts last March, highest in the South at 18.4 percent and West at 17.3 percent. That's down a bit, year over year, giving buyers some leverage. Homes are moving quicker lately, with median days on market dropping to 53.25 days over the last four weeks. Still listings, those sitting 60 days or more, finally dipped below that mark, and 42.3

1:00percent went under contract in two weeks, or, less, up 2.3 percent from last year, buyers are feeling the shift. Lower sale prices than asks mean room to haggle, especially on older listings, and no crazy competition spike like. Before, Northeastern Midwest see fewer cuts, but overall the market's cooling just enough. As spring buying ramps up, these trends spell relief slower price growth, and faster turnover, without the frenzy, so jump in smart and negotiate like. You mean it? That's the story for today. Durham News Today, Driven by AI, I'm Corey with the story.