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Over 25% of US home sellers dropped the asking price last month

According to new Redfin research, signs continue to point toward a changing market that's letting US homebuyers be more selective as supply constraints begin to ease in the hottest markets. As a result, sellers are feeling compelled to adjust their expectations and their prices. In the four weeks ending on September 16, 26.6% of homes listed for sale had a price drop, the highest level on record since Redfin began tracking this metric in 2010. The firm defines a price drop as a listing price reduction of more than 1% and less than 50%.

“After years of strong price growth and intense competition for homes, buyers are taking advantage of the market's easing pressure by being selective about which homes to offer on and how high to bid,” said Taylor Marr, Redfin senior economist. “But there are some early signs of a softening market, and the increase in price drops may be another indicator that sellers are going to have trouble getting the prices, and the bidding wars, that they may have just months ago. Instead, many are finding their homes are sitting on the market without much interest until they start reducing their prices.”

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